NRI RFC Account in India

An RFC Savings Account helps returning Indians manage foreign currency in USD or GBP. Enjoy full repatriability, joint holding, and easy conversion to NRE when your status changes.

USD/GBP Account Fully repatriable Convert Account

Father teaching son to save coins at table, orange backdrop

Best for

RFC Account for returning NRIs

Maintain in USD or GBP
Fully repatriable funds
Resident joint holder
Easy residential status conversion

RFC Account features for returning NRIs

Currency options: Maintain account in USD or GBP

Repatriable funds: Funds + interest fully repatriable

Joint holder: Add a resident family member

Branch Banking: Withdraw INR from the ICICI Bank branch

Status flexibility: Convert to NRE on NRI status

Easy management: Secure savings + simple operation

Interest rate: 0.25% p.a. for USD or 0.10% p.a. for GBP

Important things about RFC Account

Eligibility

Indian nationals aged 18 years and older, returning from abroad
Required documents

Passport, visa or work permit, address proof
Change of status

Convert to NRE/FCNR on return to NRI status
Joint holding

Allowed with a resident relative
Withdrawal rules

PAN required for withdrawals greater than ₹50,000
Interest credit

Paid half-yearly in March and September

Get an Account that suits you

About NRI RFC Account

Simple eligibility check

Returning Indians over 18 years with valid proof of past NRI status and Indian nationality can apply for an RFC account using their passport and Indian address proof.

Dual currency flexibility

The account supports both USD and GBP, offering flexibility to manage foreign currency earnings and seamlessly transfer funds between India and abroad.

Repatriable funds advantage

Funds in the RFC account, including interest, are fully repatriable. On regaining NRI status, balances can be moved to NRE or FCNR accounts.

Secure joint holding

Add a resident relative as a joint holder on a "former or survivor" basis for easy account operation and financial continuity after the account holder’s demise.

Related Forms

Check all the related forms here

FAQs on RFC Accounts

Who is eligible to open an RFC account?

A person resident in India can open an RFC account with foreign exchange received as pension or any other superannuation or other monetary benefits from their employer outside India; or received as proceeds of assets being foreign currency, foreign security or any immovable property situated outside India if such currency, security or property was acquired, held or owned by such person when they were resident outside India or received as gift or inheritance from a person who was resident outside India. In this regard, foreign security is defined as any security, in the form of shares, stocks, bonds, debentures or any other instrument denominated or expressed in foreign currency and includes securities expressed in foreign currency, but where redemption or any form of return such as interest or dividends is payable in Indian currency.

Can an RFC account be opened by transferring balances in my NRI accounts?

RFC accounts can be opened by transfer of balances in FCNR deposits with banks in India. This also includes the maturity proceeds of the Resurgent India Bonds (RIBs). The account cannot be opened with funds from an Easy Rupee Account. However, once the RFC bank account is opened with eligible funds as above, the balances in the Easy Rupee Account of the depositor can be transferred into the RFC account.

Who can be a joint holder for such an account?

The account can be held jointly with another person resident in India who is eligible to open an RFC account.

Can I open a RFC account anytime after returning to India?

There is no restriction on when you can open an RFC account for persons resident in India as long as they meet the condition of eligibility as stated above. Further, for returning NRIs, the eligibility to open this account is not linked in any way with their RNOR status under the Income Tax Act.

Can funds in the RFC account be repatriated abroad?

The funds in an RFC account are free from all restrictions regarding utilisation of foreign currency balances. They can be invested in the OBU Singapore Deposits, but not in OBU Seepz, in view of the restriction that the OBU Seepz cannot accept deposits from persons resident in India.

In whose favour can nominations be made?

Nominations can be made in favour of residents as well as non-residents. On the death of the depositor, repatriation of the balances in the account is permissible to a nominee resident outside India, to the extent of their share or entitlement from the account of the deceased account holder. In the event of the nominee being a person resident in India, who is desirous of remitting funds outside India, out of their share for meeting the liabilities abroad of the deceased, an application would have to be made to the Reserve Bank of India for such remittance.

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How can I request for an address change on my account?

You can request for your address update in our records by sending the 'Address Change' request form, signed by the primary applicant along with a valid proof of address to our India address :

ICICI Bank Limited,
RPC Mumbai,
5th Floor, A-Wing, Autumn Estates
Chandivali Farm Road, Chandivali
Land Mark:Next to Chandivali Studio, Opp MHADA
Andheri-East,
Mumbai- 400072
INDIA

Click here to download the 'Address Change' form and also refer to the list of valid proofs of address. Please ensure you attach the relevant address proof to avoid delay in executing your request.

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges.

You can also visit any ICICI Bank branch in India and submit the 'Address Change' request.To refer to the updated list of our branches please Click here

For any clarification or more information, please call us on our 24/7 Customer Care or write to us through "Email us" option, at our website www.icicibank.com.

How can I update my signature on my account?

You can request for a Signature Update by downloading the 'Signature Change' request form, and send the completed form along with relevant documents to our India address :

ICICI Bank Limited,
RPC Mumbai,
5th Floor, A-Wing, Autumn Estates
Chandivali Farm Road, Chandivali
Land Mark:Next to Chandivali Studio, Opp MHADA
Andheri-East,
Mumbai- 400072
INDIA

Click here to download the 'Signature Change' request form.

Also attach any one of the following as proof of your changed signature:

Any government issued photo identity document having a seal / stamp of government authority as a proof of current signature on the form
New signature attested by another Banker / Indian Embassy / Notary

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges.

You can also visit any ICICI Bank branch in India and submit the ' Signature Change Form'.To refer to the updated list of our branches please, Click here

For any clarification or more information, please call us on our 24/7 Customer Care or write to us through "Email us" option, at our website www.icici.bank.in.

How can I update my contact number?

You can login to Net Banking and update your Contact Number through “Update my contact number“ options available Online

You can also make the request for 'Tel No. Update' by contacting our 24/7 Customer Care

Alternatively, you can click here to download the request form and mail it to our India address:

ICICI Bank Limited,
RPC Mumbai,
5th Floor, A-Wing, Autumn Estates
Chandivali Farm Road, Chandivali
Land Mark:Next to Chandivali Studio, Opp MHADA
Andheri-East,
Mumbai- 400072 INDIA

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges. You can also visit any ICICI Bank branch in India and submit the request letter. For any clarification or more information, please call us on our 24/7 Customer Care or write to us through "Email us" option, at our website www.icici.bank.in.

How can I update my E-mail ID ?

You can make the request for 'E-mail ID Update' by contacting our 24/7 Customer Care Alternatively, you can click here to download the request form and mail it to our India address:

ICICI Bank Limited,
RPC Mumbai,
5th Floor, A-Wing, Autumn Estates
Chandivali Farm Road, Chandivali
Land Mark:Next to Chandivali Studio, Opp MHADA
Andheri-East,
Mumbai- 400072 INDIA

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges. You can also visit any ICICI Bank branch in India and submit the request letter.

For any clarification or more information, please call us on our 24/7 Customer Care or write to us through "Email us" option, at our website www.icici.bank.in.”

How do I register for E-statement facility on my account?

You can register for E-statement facility by applying Online through an option available through Net Banking.

Alternatively, you can click here to download the 'Registration Form' and mail it to our India address:

ICICI Bank Limited,
RPC Mumbai,
5th Floor, A-Wing, Autumn Estates
Chandivali Farm Road, Chandivali
Land Mark:Next to Chandivali Studio, Opp MHADA
Andheri-East,
Mumbai- 400072
INDIA
If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges.

You can also visit any ICICI Bank branch in India and submit the registration form.To refer to the updated list of our branches please, Click here

For any clarification or more information, please call us on our 24/7 Customer Care or write to us through "Email us" option, at our website www.icici.bank.in.

How can I repatriate funds from my NRE, FCNR or RFC account?

You can repatriate funds in two ways: Demand Draft
Wire Transfer You can place a request for Repatriation from Fixed Deposit through any of the following modes:
You can request for “Repatriation of Funds” by applying Online through "Service Request" option available in your Net Banking.
Alternatively, you can click here to download the request form for 'Outward Repatriation of Funds' and mail it to our India address:

ICICI Bank Limited,
RPC Mumbai,
5th Floor, A-Wing, Autumn Estates
Chandivali Farm Road, Chandivali
Land Mark:Next to Chandivali Studio, Opp MHADA
Andheri-East,
Mumbai- 400072 INDIA.

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges. You can also visit any ICICI Bank branch in India and submit the request. To refer to the updated list of our branches please, Click here For any clarification or more information, please call us on our 24/7 Customer Care or write to us through "Email us" option, at our website www.icici.bank.in. In case of Fixed Deposit closure wherever currency conversion is involved, w.e.f 1st April 2011, ICICI Bank Ltd. will levy the revised service tax as per the Service Tax Rules (1994) amended by Ministry of Finance (Govt. Of India) vide Notification No. 26/2011 – Service Tax, on 31 March 2011. Please click here to know the slabwise service tax structure. * Repatriation of funds will be subject to regulations of relevant jurisdiction as existing from time to time

How can I cancel a nominee in my account?

You can download the ' Nominee Cancellation- DA2 form' request and mail it to our India address :

ICICI Bank Limited,
RPC Mumbai,
5th Floor, A-Wing, Autumn Estates
Chandivali Farm Road, Chandivali
Land Mark:Next to Chandivali Studio, Opp MHADA
Andheri-East,
Mumbai- 400072 INDIA.

Click here to download the 'Cancel Nomination in my account – DA2 form'.

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges.

You can also visit any ICICI Bank branch in India and submit the Cancel Nomination in my account – DA2 form'.

For any clarification or more information, please call us on our 24/7 Customer Care or write to us through "Email us" option, at our website www.icici.bank.in.

How can I register a nominee on my account?

To register a Nominee, Click here to download the 'Add a Nominee- DA1 form' ', fill it up and mail to our India address

ICICI Bank Limited,
RPC Mumbai,
5th Floor, A-Wing, Autumn Estates
Chandivali Farm Road, Chandivali
Land Mark:Next to Chandivali Studio, Opp MHADA
Andheri-East,
Mumbai- 400072 INDIA.

Please Note that :

The nomination form has to be signed by all the account holders and witnessed simultaneously. A witness for the nomination form is mandatory. They can be any person known to the account holder as well as the nominee
The signature of the nominee is not required on the nomination form. One witness (known to the account holder as well as the nominee) is required to attest thumb impression(s) or sign on the form

If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges.

You can also visit any ICICI Bank branch in India and submit the 'DA1 Form'. To refer to the updated list of our branches please, Click here

If you still do not wish to register a nominee, please send us a letter cum 'No Nominee declaration'.

For any clarification or more information, please call us on our 24/7 Customer Care or write to us through "Email us" option, at our website www.icici.bank.in.

How can I declare for “No nominee” on my account?

You can download the 'No Nominee Declaration' , and mail it to our India address :

ICICI Bank Limited,
RPC Mumbai,
5th Floor, A-Wing, Autumn Estates
Chandivali Farm Road, Chandivali
Land Mark:Next to Chandivali Studio, Opp MHADA
Andheri-East,
Mumbai- 400072 INDIA.

Click Here to download the ''No Nominee Declaration' . If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges. You can also visit any ICICI Bank branch in India and submit the 'No Nominee Declaration - D1 '.
For any clarification or more information, please call us on our 24/7 Customer Care or write to us through "Email us" option, at our website www.icici.bank.in.

Can I nominate more than one person for one account?

No, only 1 person can be nominated for an account

Can I register different nominees for different accounts?

Yes, you can have separate nominations for different accounts.

Can I withdraw foreign currency cash?

Only INR currency can be withdrawn.

Can I make demand draft or pay order?

Yes, you can submit the request by filling in an application on plain paper.

The foreign currency balance will be first converted to INR as per the current rate and then paid out in INR, as per customer’s instructions.

How to withdraw cash from foreign currency accounts?

Cash withdrawals from foreign currency account can be made in INR by filling in an application on plain paper.

The foreign currency balance will be first converted to INR as per the current rate and then paid out in cash or credited to the rupee account, as per customer’s instructions.

The customer shall furnish a copy of his/her PAN card upon withdrawing money to the extent of ₹50,000/- and above.

For cash withdrawals, a valid passport copy or any valid photo identity document like driving license, election card, pan card, employee card etc. will be taken for establishing the identity of the customer and kept on record.

What Is the full form and meaning of an RFC account?

The full form of an RFC account is Resident Foreign Currency account. This type of account is meant for individuals who have returned to India after qualifying as non-residents (NRIs). This account allows them to hold eligible foreign currency funds in USD or GBP without converting them into INR immediately. It is suitable for managing overseas earnings, pensions, or proceeds from assets held abroad, while offering full repatriation of both principal and interest without restrictions.

What Is the RFC account interest rate in India?

The interest rate on an RFC deposit at ICICI Bank varies depending on the currency maintained. For USD, the rate is 0.25% per annum, while for GBP, it is 0.10% per annum. Interest is credited half-yearly in the respective foreign currency, not in INR. The bank may revise the applicable rates periodically in accordance with its internal policies.

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