RESIDENT FOREIGN CURRENCY [DOMESTIC] ACCOUNT [RFCD]

• Types of account you can open : Non interest bearing Current Account in Foreign currency.
• A person resident in India can open an RFCD account out of foreign exchange acquired in the form of currency notes, bank notes and travelers cheques from the following sources:
• Acquired while on a visit to any place outside India by way of payment for services not arising from any business in or anything done in India; or
• Acquired from any person not resident in India and who is on a visit to India, as honorarium or gift or for services rendered or in settlement of any lawful obligation; or
• Acquired by way of honorarium or gift while on a visit to any place outside India; or
• Unspent amount of foreign exchange acquired by him from an authorised person for travel abroad; or
• Unspent amount of foreign exchange received as allowance by Pilots/Crew Members/Mariners etc., of Indian Airline/Shipping companies
• Foreign exchange earnings through export of goods and/or services, royalty/honorarium etc. by resident individuals; or
• Insurance claims/maturity value settled in foreign currency.
• Gifts received from close relatives viz.,

a.          Husband and Wife

b.          Father/Mother (including step-mother)

c.          Fathers’ father/Father’s mother/Mother’s mother/ Mother’s father

d.          Son (including step-son)/Daughters (including step-daughter)

e.          Son’s wife/Son’s son/Son’s son’s wife/Son’s daughter/Son’s daughter’s husband

f.           Daughter’s husband/Daughter’s son/Daughter’s son’s wife/Daughter’s daughter/Daughter’s daughter’s husband

g.          Brother (including step-brother)/Brother’s wife

h.          Sister (including step-sister)/Sister’s husband.

RESIDENT FOREIGN CURRENCY [DOMESTIC] ACCOUNT [RFCD]