RFC Savings Account in ICICI Bank

September 30, 2013 05:39
RFC Savings Account in ICICI Bank

 

What is an RFC Savings Account?

An RFC (Resident Foreign Currency) Savings Account is a savings account maintained in foreign currencies - USD and GBP - for NRIs who have returned to India and hold funds in foreign currency.

Features and Benefits

Simple eligibility: account can be opened by any returning Indian.

Flexibility in currency: open your account with any convertible foreign currency; maintain it in 2 foreign currencies: USD, GBP.

Joint holding: in case of joint account, the joint holder must be a returning Indian as well.

Cash withdrawal: in rupees from your branch.

Easy movement: balance in the account including interest earned is fully repatriable.

Easy change of status: if you change your status to NRI, the funds parked in RFC account can be transferred to NRE/FCNR account.Service Charges

You need to maintain a quarterly average balance of USD 250 / GBP 200 or a total relationship size (within the same customer identity number) of INR 25,000.

If you are unable to maintain this minimum balance, quarterly service charges of INR 750 + service tax will be levied.

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