- These accounts can be opened by returning NRIs/ PIOs to transfer balances held in NRE/ FCNR(B) accounts.
- RFC accounts can be maintained in the form of current or savings or term deposit accounts where the account holder is an individual and in the form of current or term deposits in all other cases.
RFC accounts are permitted to be held jointly with the resident close relative(s) as defined in the Companies Act, 1956 as joint holder (s) in their RFC bank account on ‘former or survivor basis’. However, such resident Indian close relative, now being made eligible to become joint account holder shall not be eligible to operate the account during the life time of the resident account holder.
Proceeds of assets held outside India at the time of return can also be credited to RFC account.
The funds in these accounts including the interest can be freely remitted overseas.
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Know the process to open NRE and NRO accounts