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Most Important Terms and Conditions (MITC)
RFC Domestic Account GCO for Resident Indians : Overview
This deposit plan is ideal for utilising foreign exchange acquired on account of:
- A visit to any place outside India by way of payment for services not arising from any business or similar service in India.
- Receipt of honorarium or gift or for services rendered or of settlement of any lawful obligation from any person not resident in India and who is on a visit to India.
- Receipt of honorarium or gift while on a visit to any place outside India.
- Unspent amount of foreign exchange acquired by him from an authorised person for travel abroad.
RFC Domestic Account GCO for Resident Indians : Benefits
- Avail free cheque book facility.
- Instant credit against currency notes.
- Instant credit against traveller’s cheque.
- Provision for nomination.
- Enjoy a limitless balance.
RFC Domestic Account GCO for Resident Indians : Most Important Terms and Conditions (MITC)
- Only a current account can be opened.
- A minimum balance of USD 500 or equivalent is mandatory.
- Deposits can be used for all purposes permissible under foreign exchange regulations for resident Indians.