Facilities to Returning Indians
Terms & Conditions
- RFC deposit can be held as TERM DEPOSITS for periods from 12 months up to 60 months.
- RFC deposits of 12 months up to 60 months will enjoy the same interest rates as FCNR DEPOSITS (No interest will be paid for premature payment before 12 months).
- The amounts in RFC accounts are freely repatriable for the bona-fide purposes of the NRI
- No permission of Reserve Bank is required for opening or transferring RFC funds abroad
- Funds may be held in foreign currencies - USD, GBP, JPY, Euro, CAD and AUD
- RFC funds can be freely drawn in Indian Rupees for use locally.
- For going abroad again, an NRI can freely use this money and also have the accounts re-designated as FCNR and NRE ACCOUNTS just as they were before 'RETURN to India'.
For further details, please contact the Bank of Baroda Branch nearest to you.