State Bank of India RFC Account

How to open the Resident Foreign Currency (RFC) account in the State Bank of India? And also tell me about the documents required to open the RFC account in the State Bank of India? My friend wants to open it so I am interested to help him.

I want to get the details of Resident Foreign Currency (RFC) Account in State Bank of India SBI so can you provide me?

[pawan]

The State Bank of India SBI offers Resident Foreign Currency (RFC) Account.

Resident Foreign Currency (RFC) 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

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

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

Account types permissible:
Term Deposit
Special Term Deposit

Interest earned is subject to tax depending on the status of the account holder i.e. Resident or RNOR ( Resident but not ordinarily resident)

It can be converted to FCNR (B) / NRE accounts in case the person regains NRI status

Tenor of Deposits (TDR / STDR):-

Minimum period of 1 year
Maximum period of 3 years

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

RFC Interest Rate

Resident Foreign Currency Account (% P.A.) w.e.f. 01.06.2018

PERIOD USD GBP EURO
1 year to less than 2 years 3.26 1.25 0.01
2 years to less than 3 years 3.2 1.45 0.01
3 years 3.27 1.57 0.01

* Rates are subject to change, without prior notice.

Contact-

Toll free number: 1800 11 2211
Toll free number: 1800 425 3800
Toll number: 080-26599990