Things you should know about RFC Deposit

  • Currency options

    RFC Deposits are offered in USD and GBP.

  • Tenure Options

    1–36 months for USD and GBP currencies.

  • 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 Fixed Deposits ensuring 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 FD 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 is allowed. However, a 1% penalty applies for RFC FDs.

How can I book an RFC Deposit?

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

Can an RFC account 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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