This is a scheme approved by the Reserve Bank permitting persons of Indian nationality or origin, who have returned to India on or after 18th April 1992 for permanent settlement (Returning Indians), after being resident outside India for a continuous period of not less than one year to open foreign currency accounts with banks in India for holding funds brought by them to India.

This scheme permits persons of Indian nationality or origin who have returned to India for permanent settlement (Returning Indians) after being resident outside India for a continuous period of not less than one year, to open foreign currency accounts against the proceeds held in NRE/FCNR accounts or Funds remitted from abroad. RFC can be opened with ABN AMRO bank as a fixed deposit for a period of 31 days onwards to 5 years. RFC account can be maintained in USD, GBP and EUR..

What is the impact of the Scheme on the existing facilities for private/business travel, gift, donation, studies, medical treatment etc./items covered in Schedule III of Foreign Exchange Management (Current Account Transactions) Rules, 2000?.

FCDS is a scheme floated by State Bank of India, Singapore under which Deposits are accepted for a fixed tenor (time duration) and are denominated in USD, GBP or EURO.

There are no charges for opening an account and no yearly charges. But a service charge will be levied for each currency transaction (the amount varies for each foreign currency) and you will have to pay the cost of foreign telegraphic transfers (USD10 or equivalent).

Yes, the account is called a domiciliary account. You can open an account in US dollar account and Great British Pounds.

You may use the military exchange rate or a commercial exchange rate at http://oanda.com/convert/classic or submit a newspaper listing reflecting the rate and date. For items already replaced or repaired using foreign currency, use the exchange rate in effect at the time the item was repaired or replaced. For items not yet repaired or replaced, use the exchange rate in effect on the day you are ready to submit your claim.

Yes. Although, all funds must be deposited in U.S. Dollars and drawn upon a U.S. Bank. All foreign account applications MUST include a W8-BEN Form and Online Service Agreement, which you can download from our Forms Download Center. A copy of your valid passport is required for all foreign residents.

Absolutely. You will, however, be required to fill out a W-8 form if you are a foreign resident. This form will be mailed to you in the new account package if you select foreign resident during the registration process, or you can download the form from our document center. Payment for trades can only be accepted in U.S. funds, and we require these cleared funds to reside in your account prior to placing trades.

A resident Indian can maintain a Foreign Currency (Domestic) Account and deposit Foreign Exchange acquired from any of the sources approved by Reserve bank of India e.g. . Unspent BTQ, honorarium or gift / payment for services while on a visit outside India or received from a person not resident in India or who is on visit to India in settlement of a lawful obligation etc. Yes, a Non HDFC Bank Customer can take foreign exchange for any branch dealing in foreign exchange.

Yes, EEFC Accounts and RFC Accounts can be kept by resident Indians. In the EEFC account maintained with a bank, residents are allowed to keep 50% of foreign currency remittances received from abroad which can be used for current account transactions and approved capital account transactions as specified by the RBI. In the RFC Accounts, returning Indians (ex-NRIs), can hold and maintain foreign currency. These funds are free from restrictions on use outside India.

No. For the purpose of the Scheme, an OBU in India is not treated as an overseas branch of a bank in India. For further details/guidance, please approach any bank authorised to deal in foreign exchange or contact Regional Offices of the Foreign Exchange Department of the Reserve Bank.

Yes, if you have a foreign currency account. For customers who do not have a foreign currency account, the Bank will receive such transfers on your behalf and pay you cash over the counter, or depending on the amount we will advice you to open a foreign exchange account.

No, The Non Resident Indians can not open the NSS account as there is no such provision in the NSS Rules.

No. At this time U.S. lenders do not accept foreign currency as payment for your mortgage (on a U.S. property). If you only have foreign currency and need to use it to make a mortgage payment (on a U.S. property), go to your local bank and convert your foreign currency to U.S. dollars to pay your mortgage. Currently, mortgage applications differ from country to country so you would need to re-apply.

If you are unsure about anything and cannot see the answer below just click here and send us your questions and a member of our staff will contact you be return!

exchange received as pension or any other superannuation or other monetary benefits from his employer outside India; OR security or any immovable property situated outside India if such currency, security or property was acquired, held or owned by such person when he was resident outside India or received as gift or inheritance from a person who was resident outside India.

You can open an RFC savings account in USD, GBP, Euro,& JPY. The minimum amounts for opening these deposits are USD 1000, GBP 1000, EUR 1000, and JPY 100000 .

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 his 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 his 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.

Non-U.S. residents can open an account by simply filling out the proper forms noted in our "Open New Account" section. However, TIGER FINANCIAL currently can not accommodate clients in some provinces in Canada.

You will have to follow the same procedure as opening a current account. However, you must maintain a Ringgit (MYR) account at the same branch.

If you are a new customer, you will need to fill in the FCA account number with your other accounts on the Business Banking Online Application form. If you are an existing BBO customer, you will need to complete a new application form to amend your existing arrangement and add the FCA.

You can make the transfer by selecting the account holder's name and account number from the pull down menu and choose your required currency from the currency options shown.

Yes. Kindly liase with our Foreign Exchange Department for modalities. You may also take advantage of Western Union Money Transfer.

Such an account can be opened with an authorised dealer in India by remitting funds from abroad in any convertible foreign currency. Under the NRNR Scheme, deposits designated in rupees can be kept for periods ranging from 6 months to 3 years. NRIs can also open such accounts by transferring funds from their existing NRE/FCNR accounts. No penal interest is chargeable for premature withdrawal of NRE/FCNR deposits for the purpose of making investments in the scheme.

The funds in an RFC account are free from all restrictions regarding utilization of foreign currency balances. Funds held in an RFC savings account are fully repatriable. Funds can be freely utilized for bonafide remittances outside India through normal banking channels

You can make the transfer by selecting the account holder's name and account number and type from the pull down menus and choose the required currency from the currency options shown.

Yes, of course. Positive Internet are an international company and are pleased to accept payment in Euros and US Dollars.