CUB offers its NRI customers RFC Account / Deposit which allows them to utilize the foreign currency balances outside India.
- Resident Foreign Currency (RFC) Account – RFC Account
- A person resident in India can open a RFC account out of foreign exchange received or acquired by him:
a. as pension or superannuation benefits or other monetary benefits from his overseas employer;
b. by converting assets which were acquired by him when he was a non-resident or inherited from or gifted by a person resident outside India and repatriated to India;
c. before July 8, 1947 or any income arising or accruing thereon which is held outside India in pursuance of a general or special permission granted by the Reserve Bank;
d. received as proceeds of LIC claims / maturity / surrendered value settled in forex from an Indian insurance company permitted to undertake life insurance business by the Insurance Regulatory and Development Authority.
- The balances in the RFC account are FREE from all restrictions regarding utilisation of foreign currency balances outside India.
- Such accounts can be held jointly with resident relative as joint holder on ‘former or survivor’ basis. However, such resident Indian relative joint account holder cannot operate the account during the life time of the resident account holder.
- The balances in the Non-Resident External (NRE) Account and Foreign Currency Bank [FCNR (B)] Account can be credited to the RFC account when the residential status of the non-resident Indian (NRI) or person of Indian origin (PIO) changes to that of a Resident.