HDFC Bank Resident Foreign Currency (RFC) Savings Account
Specifically designed for Non-Resident Indians (NRIs) to make deposits of foreign currencies earned abroad, HDFC Bank has rolled out the Resident Foreign Currency (RFC) Savings Account. With the HDFC Bank Resident, Foreign Currency (RFC) Savings Account customers can make up to four types of foreign currency deposits and convert them into Indian rupees when required.
This type of savings account comes with the benefit of the nomination facility and customers can make withdrawals in Indian rupees.
Learn more about: Open HDFC Savings Account, HDFC Zero Balance Account, HDFC Netbanking
Features and Benefits of HDFC Bank Resident Foreign Currency (RFC) Savings Account:
- With the HDFC Bank Resident Foreign Currency (RFC) Savings Account, customers can make deposits in foreign currencies. They can deposit up to 4 different types of currencies and can convert it into Indian rupees only when required - saving themselves from the currency exchange rate risk.
- On regaining the NRI status, customers can transfer funds from this HDFC account to any of their NRI savings account.
- Though the deposits are made in foreign currencies, customers can make withdrawals in Indian rupees.
- If the customers has declared that he/she is now resident of India, they can earn tax deductions.
- NRI's holding the HDFC Bank Resident Foreign Currency (RFC) Savings Account can repatriate funds anytime for bonafide purposes.
- NRI customers holding this account can also make nominations. In case of untimely death of the account holder, the funds in the account will be passed to the nominee.
- Customers can check the flow of money in and out of their account with the free email bank statement facility.
- All HDFC Bank Resident Foreign Currency (RFC) Savings Account holders can enjoy the benefit of HDFC Bank's 24/7 phone banking facility.
- Banking procedures for Resident Foreign Currency (RFC) Savings Account can be carried out at any of HDFC Bank's branches anywhere in the country.
- Customer can use the free convertible foreign currency facility the account comes with to make relatively cheaper foreign currency exchanges.
- NRI's holding this savings account can also transfer funds from their existing Fixed Currency Non-Repatriable (FCNR) account or Non-Resident External (NRE) account held in another bank to the Resident Foreign Currency (RFC) Savings Account.
Eligibility for HDFC Bank Resident Foreign Currency (RFC) Savings Account:
To be eligible for the HDFC Bank Resident Foreign Currency (RFC) Savings Account, NRIs have to meet certain eligibility criteria:
- Should have returned to India on or after 18 April 1992.
- Should have been a resident outside India for a continuous period not less than 12 months.
- Should have permanently resided in India following return from abroad.
Documents Required for HDFC Bank Resident Foreign Currency (RFC) Savings Account:
For verification processes, customer are required to submit the following documents when applying to open the HDFC Bank Resident Foreign Currency (RFC) Savings Account.
- Photocopy of passport containing the essential KYC details of the applicant.
- Copy of PAN (Permanent Account Number) card.
- If the applicant does not have a PAN card, he/she can submit Form 60 instead.
- Latest colour passport size photograph.
- Resident Foreign Currency (RFC) declaration form.
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FAQs on HDFC Bank Resident Foreign Currency Savings Account
- What type of funds can be credited to the HDFC Bank Resident Foreign Currency (RFC) Savings Account?
Customers can deposits all their foreign assets acquired or held abroad. From investments in foreign currency shares, to deposits in banks outside India, funds arising from immovable properties outside India, etc. Apart from this, customers can also transfer money from NRE or FCNR accounts held in the country - irrespective of the bank the account is held in. If the currency noted exceed $5,000 or the combined value with the traveller's cheques exceed $10,000, you will have to submit a Currency Declaration Form (CDF) to the customs on arrival in the country. The form will then have to be submitted to the bank.
- Can I deposit my pension which I am earning abroad in the HDFC Bank Resident Foreign Currency (RFC) Savings Account?
Yes, all your pension fund earned abroad can be credited in the HDFC Bank Resident Foreign Currency (RFC) Savings Account.
- Can I use the Resident Foreign Currency (RFC) Savings Account to pay utility bills?
If you wish to pay utility bills from your HDFC Bank Resident Foreign Currency (RFC) Savings Account, the money will first be converted to Indian rupees and then credited to the customer's resident salary account - which can be used to clear the pending utility bill[s].
- Are deposits in the account subject to tax?
The interest earned over the principal amount is subject to TDS (Tax deducted from source).
- Is it possible to make nominations with the HDFC Bank Resident Foreign Currency (RFC) Savings Account?
Yes, the primary account holder can make nominations. If in case the death of the account holder occurs and the nominee is abroad, the nominee can remit the funds in the account while abroad. If the nominee is residing in India, then the funds in the account will be paid in Indian rupees.
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