RFC FD Interest Rates

 

Stay updated with the latest interest rates on Resident Foreign Currency (RFC) Fixed Deposits designed to help returning NRIs grow their foreign earnings efficiently.

 

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  • No interest is payable, if the RFC deposit is prematurely withdrawn including partial withdrawal before one year.
  • On premature withdrawal including partial withdrawal of the RFC deposits, Interest shall be paid at the rate applicable to the amount and period for which the deposit remained with the bank, less 1% penalty.

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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