Sbi rfc

Hii Buddy , My Friend want to Open Resident Foreign Currency Account in State Bank of India , Here Any one Can please tell me Types of RFC Accounts , and Interest Rates information ?

[sumit]

Resident Foreign Currency Account To park funds for those NRIs / PIOs who have returned to India for permanent settlement (Returning Indians)

Account can be opened in USD, EURO or GBP

It can be opened either individually or jointly with any other person eligible to open RFC account

Both principal and interest are payable in foreign currency. Hence, there is no exchange loss on principal and interest

Types of RFC Accounts:

Term Deposits (TDR)

Interest is paid at a frequency of 180 days from date of Term Deposit
Foreign Currency deposits of fixed tenure
Minimum Deposit of USD 1000, GBP 1000 or EURO 1000
Principal & interest amount are fully repatriable
Nomination facility available
Premature withdrawal allowed
Automatic renewal on maturity for the same period but at the then prevailing rate of interest.

Special Term Deposits (STDR) -

Enjoy higher returns, with interest both on your deposit and on the interest accrued i.e. interest gets compounded after every 180 days
Foreign Currency deposits of fixed tenure
Minimum Deposit of USD 1000, GBP 1000 or EURO 1000
Principal & interest amount are fully repatriable
Nomination facility available
Premature withdrawal permissible
Automatic renewal on maturity for the same period but at the then prevailing rate of interest

Interest Rates
Period

1 year to less than 2 years

USD
1.71

GBP
1.08

EURO
0.15

2 years to less than 3 years

USD
2.06

GBP
1.44

EURO
0.30

3 years

USD
2.11

GBP
1.45

EURO
0.30

Premature Withdrawals of RFC Account:

No interest is payable, if the deposit is withdrawn before one year.
If the deposit is withdrawn after completion of one year, the interest paid shall be 1.00 % below the rate applicable for the period deposit has remained with the Bank or 1.00 % below the contracted rate, whichever is lower.