Things you should know about RFC Deposits

  • Currency options

    RFC Deposits are offered in USD and GBP.

  • Tenure Options

    1 month to 3 years for USD deposits and 1 month to less than 3 years for GBP deposits.

  • Tax Treatment

    RFC FD interest is taxable.

  • Repatriation Facility 

    Both principal and interest are fully repatriable.

About RFC FD

Secure Foreign Currency Savings

Protect your funds from exchange rate fluctuations with RFC Deposits. Get assured, stable and attractive returns in multiple currencies.

Eligibility & Account Holders

Available for returning NRIs with foreign earnings

Convenient Booking Options
Mode RFC FD

ICICI Bank Branch

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Wire Transfer

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Flexible Tenure & High Returns

1 month to 3 years for USD deposits and 1 month to less than 3 years for GBP deposits.

RFC Deposit FAQs

Who can open an RFC Deposit?

Returning NRIs who have become residents in India can open an RFC Deposit subject to FEMA guidelines.

What are the tenure options for RFC FDs?

1 month to 3 years for USD deposits and 1 month to less than 3 years for GBP deposits.

Is the interest earned on these deposits taxable in India?

Yes, interest is taxable in India.

Can I withdraw my deposit before maturity?

Yes, premature withdrawal including partial withdrawal is allowed. However, a 1% penalty applies.

How can I book an RFC Deposit?

You can visit any ICICI Bank Branch and submit the application and KYC documents to open an RFC Deposit.

Can an RFC Deposit be opened by transferring balances in my NRI Accounts?

Upon change of residential status from NRI to resident, RFC Deposits can be opened by transfer of balances held in FCNR deposits or NRE Accounts.

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