Resident
Foreign Currency (Domestic) Account (RFCD)
Resident Indians are permitted to
open, hold and maintain Resident Foreign Currency (Domestic) Account out of foreign exchange acquired in the form of currency notes,
bank notes, travelers cheques and out of, foreign exchange earned
and/or gifts received from close relatives (as defined in the Companies
Act) and repatriated to India through normal banking channels by
resident individuals. Foreign exchange earnings could be through
export of goods and/or services, royalty, honorarium, etc.
Opening, holding and maintaining a Resident
Foreign Currency (Domestic) Account
- Resident Foreign Currency (Domestic)
Account can be opened with designated ICICI
Bank branches in India.
- Accountholders can deposit foreign
exchange earnings repatriated to India through banking channels.
The earnings could be out of export of goods and/or services,
royalty, honorarium etc.
- Resident Foreign Currency (Domestic)
Account can also be opened/credited with currency notes, bank
notes and travellers cheques
- Account holder can credit Resident
Foreign Currency Account (Domestic) with foreign currency :
- saved from an individual's
trip outside India,
- received as honorarium during
an individual's trip outside India
- received as gift from persons
on visit to India, and
- received from a person on a
visit to India for services rendered to him in India.
- received as sales proceeds
of sponsored ADRs/GDRs which have approval of Foreign Investment
Promotion Board (FIPB)
- These accounts are not interest
bearing
- There is no ceiling on the balances
that can be built up in these accounts.
- The balances held in these accounts
can be used for any purpose for which foreign exchange can be
bought from a bank in India.
Permissible
currencies for opening Resident Foreign Currency (Domestic) Account
- Pound Sterling (GBP)
- US Dollar (USD)
- Japanese Yen and (JPY)
- EURO (EUR)
Please note:
- Deposit in multiple currencies
in a single account is not permitted. Account can be opened in
only one currency.
- An individual is permitted to maintain
multiple accounts.
Operating
the account
Account holders will be issued the
following instruments for transacting in the account:
a.
Foreign Currency Cheque Book for international transactions
b.
Cash withdrawal slip for Rupee withdrawals across the counter.
During a day accountholder cannot withdraw more that USD 2000
or equivalent in permissible foreign currency, from RFC (D) account.
There is no restriction on cash withdrawals in INR
c.
Pay-in slip book for deposits into the account
Other benefits
- Nomination Facility is available
on RFC(D) Accounts, if opened in single name.
- Statement of accounts on quarterly
basis will be sent to the depositors.
Purposes for
which resident Indian can buy foreign exchange from a bank in India
A Resident Indian, can buy foreign
exchange without permission from the Reserve Bank of India for:
Private Travel
- Resident Indian can avail of foreign
exchange upto US$ 10,000 in any calendar year for tourism or private
travel to any country other than Nepal and Bhutan on the basis
of self-certification.
Study Abroad
- Resident Indian can buy foreign
exchange upto US$ 30,000 or upto the estimate from the institution
abroad, whichever is higher, per academic year on the basis of
simple documentary evidence indicating the requirement.
Medical Treatment
- Resident Indian can buy foreign
exchange on the basis of self-certification, upto US$ 50,000 to
meet the expenses for medical treatment outside India. Banks are
also permitted to release exchange required in excess of US$ 50,000,
on the basis of estimate from a doctor or hospital in India or
overseas.
- Resident Indian can also buy foreign
exchange upto US$ 25,000 per person for meeting boarding/lodging/travel
expenses of the patient and also the accompanying attendant on
self-certification.
Employment
Abroad
- Resident Indian can buy foreign
exchange upto US$ 5,000 on production of letter of employment.
Emigration
- Resident Indian can buy foreign
exchange upto US$ 5,000, or amount prescribed by country of emigration
on the basis of emigration visa.
Remittance
for Miscellaneous Purposes upto US$ 500
- Resident Indian can remit foreign
exchange outside India upto US$ 500, for miscellaneous purposes,
without production of any document provided the rupee equivalent
is paid by debit to your account, cheque or by demand draft.
Gifts and
Donations
- Resident Indian can gift/donate
upto US$ 5,000 every year on self-certification.
Foreign Exchange/TCs
can be purchased
- From all designated branches of
ICICI Bank. If the rupee equivalent exceeds Rs.50, 000/-, the
entire payment has to be made by way of a crossed cheque/banker's
cheque/pay order/demand draft only.
How to open
Resident Foreign Currency (Domestic) Account
- Fill in Resident Foreign Currency
(Domestic) Account application form. Application forms are available
at all designated branches of ICICI Bank.
- Submit duly filled application
form with any designated branch of ICICI Bank.
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