Resident Foreign Currency (RFC) Deposit
The Resident Foreign Currency (RFC) Deposit is an ideal banking solution for NRIs who have moved back to India for good. This deposit allows you to keep your foreign earnings in major international currencies such as the US Dollar, Euro, and British Pound, even after you've resettled in India. It's especially beneficial if you have accumulated savings or assets in foreign currencies, as it enables you to bring those funds to India without mandatory conversion to Indian Rupees. With a flexible deposit tenure ranging from one month to five years, the RFC deposit adapts to your individual financial planning needs. Read more
Why this fixed deposit is for you
Choose from 10 major currencies for your deposits
Hold your savings in 10 different currencies, providing diverse currency exposure
Ideal for NRIs returning to India, enabling easy management of foreign assets
Use your foreign currency funds freely, without restrictions on overseas investments
Eligibility criteria
- Must be an NRI who has returned to India and settled permanently
- Should have been a resident outside India for a continuous period of not less than 1 year prior to return
Documents required
- Photocopy of the passport pages
- Permanent Account Number (PAN) or Form 60
- Copy of valid visa and immigration stamps showing a minimum 1-year foreign stay
As easy as 1,2,3...
Apply for an RFC deposit in 3 simple steps
Step 1
Visit your nearest branch
Go to your nearest Karnataka Bank branch
Step 2
Start with your basic details
Provide your basic details and keep your documents handy
Step 3
We’ll take care of the rest
Our branch officials will notify you when your loan is sanctioned
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Got questions? We’ve got answers.
You can open an RFC deposit in 10 currencies including the US Dollar, Euro, British Pound, Japanese Yen, Australian Dollar, Canadian Dollar, Swiss Franc, Singapore Dollar, Swedish Krona, and Hong Kong Dollar.
Tenures range from 1 month to 5 years, offering flexibility for both short-term and long-term financial planning.
Open it by transferring funds from NRE/FCNR deposits or by remitting foreign currency notes or traveler's cheques.
There are no restrictions on the utilization of foreign currency balances, including investments outside India.
Yes, if you regain NRI status, the account can be converted to NRE/FCNR deposits.
The rules regarding repatriation of funds in these deposits can vary, and it is advisable to check with us for specific details. Generally, these deposits offer a degree of flexibility in repatriation, which can be beneficial for NRIs needing to move funds across borders.
Opening and managing these deposits is straightforward with our digital banking platforms. These platforms provide the convenience of online deposit management, allowing you to handle your foreign currency deposits remotely and efficiently, irrespective of their geographic location.
To download the KBL Mobile Plus app, visit the Google Play Store or Apple App Store on your mobile device. Search for 'KBL Plus' in the store, select the app published by Karnataka Bank, and click 'Install' to download it onto your device.
Nomination facilities are provided with these accounts. This feature is crucial as it simplifies the process of transferring funds in the event of unforeseen circumstances, ensuring a smooth transition of the account's holdings to the nominee.
As an NRI residing overseas, you can utilize our FNCR (Foreign Currency Non-Resident) deposits to save your foreign earnings in currencies like the US Dollar, Euro, or British Pound. These deposits offer you the benefit of tax-free interest in India, and we ensure that both the principal and interest are fully repatriable, aligning with your global financial needs. On the other hand, if you've returned to India and are now a permanent resident, our RFC (Resident Foreign Currency) deposits are tailored for you. They allow you to maintain and manage any foreign currency assets you've accumulated while living abroad. With FNCR deposits, we help you manage your foreign earnings while you're abroad, whereas our RFC deposits are designed to assist you in handling your foreign currency assets once you're back in India.
For those seeking to maintain their savings in foreign currency, the Resident Foreign Currency (RFC) Fixed Deposit is an excellent choice. This RFC fixed deposit allows residents who have returned to India to deposit their foreign earnings and benefit from foreign currency appreciation. The resident foreign currency account offers not only the security of a fixed deposit but also the potential for higher returns in the currency of your choice. With an RFC deposit, maintain your financial flexibility and keep your international earnings secure in a resident foreign currency deposit account.
NRI services play a crucial role in bridging the financial needs of the Indian diaspora with the opportunities available in India. They provide a platform for NRIs to invest, save, and manage their earnings in their home country, even while they reside abroad. Services like NRI accounts, loans, and investment options ensure that NRIs can contribute to and benefit from India's economic growth. These services also aid in maintaining a financial connection with their homeland, which is crucial for those who plan to return or have familial and investment ties in India.
