Key Benefits

• Amounts in RFC accounts are deemed to be freely repatriable for the bona-fide purposes of the NRI.
  
  
• No permission of Reserve Bank is required for opening or transferring RFC funds abroad.
  
  
• 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'.
  
  

Terms & Conditions

• Money will be held as TERM DEPOSITS for periods from twelve months up to five years.
  
  
• Interest rates will be as follows:
  
  
  • RFC deposits of 12 months up to 60 months will be charged with the same interest rates as FCNR DEPOSITS (No interest will be paid for premature payment before12 months).
    
    
• Funds may be held in USD AND/OR GBP currencies
  
  
• if the NRI has been abroad for a continuous period of 24 months, whence he will get exemption for subsequent nine years after which he will be known as Resident and Ordinarily Resident in Income Tax parlance.
  
  
• During the nine years he will be known as resident but not Ordinarily Resident and thereby claim Income Tax Exemption on RFC.
  
  

To know the current interest rates Click here.

For further details, please contact the Bank of Baroda Branch nearest to you.