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  • Introduction

Returning Indians i.e. those who were non-residents earlier and are returning now for permanent stay, are permitted to open hold and maintain a RFC account in India to keep their:-

  • Foreign currency assets acquired, owned and held outside India and brought to India at the time of returning for permanent stay.
  • Foreign exchange received as pension or any other superannuation or other monetary benefits from his employer outside India.
  • Foreign exchange received or acquired when he was resident outside India as gift or inheritance from a person resident outside India.

Bank of Baroda offers remunerative deposit schemes for NRIs returning to India with the intention of permanently settling down here. All your existing repatriable accounts can be transferred to RFC (Resident Foreign Currency) accounts denominated in any one/or more than one foreign currencies - USD, GBP, Euro, JPY, CAD and AUD.

Ordinary Non- Resident Accounts

Ordinary non-resident accounts will be re-designated to resident accounts in India on return of the account holder to India and consequently becoming resident in India.

Non-Resident (External) Rupee Accounts

NRE accounts will also be converted to resident rupee accounts or RFC accounts at the option of the account holder on his return to India and becoming residents in India. In case of NRE fixed deposit, the accounts will continue to earn agreed rate of interest till maturity even after these being converted to resident account.

FCNR Accounts

FCNR accounts will be converted to resident rupee accounts or RFC account at the option of the account holder on his return to India and becoming resident in India.

In case the account is converted to resident rupee account, the foreign currency amount will be converted to Indian Rupees at applicable exchange rate ruling on the day of conversion. Interest on the new deposit would be payable at the relevant rate applicable on such deposit.

RFC Accounts

In case the amount is transferred to RFC account, the rate of interest applicable to RFC account will be payable. You can also open RFC account with the assets brought by you on return as well as your foreign assets held abroad, at any future date, should you so desire.

Terms & Conditions
  • RFC deposit can be held as term deposits for periods from 12 months up to 60 months.
  • RFC deposits of 12 months up to 60 months will enjoy the same interest rates as FCNR deposits (no interest will be paid for premature payment before 12 months).
  • The amounts in RFC accounts are freely repatriable for the bona-fide purposes of the NRI.
  • No permission of Reserve Bank is required for opening or transferring RFC funds abroad.
  • Funds may be held in foreign currencies - USD, GBP, JPY, Euro, CAD and AUD.
  • RFC funds can be freely drawn in Indian Rupees for use locally.
  • For going abroad again, an NRI can freely use this money and also have the accounts re-designated as FCNR and NRE Accounts just as they were before 'return to India'.

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