A Resident Foreign Currency account in India can be maintained by a Non-resident Indian who has returned home for permanent settlement, after staying abroad for a minimum period of one year. An RFC account can be opened without any regulatory approval from the Reserve Bank of India.

RFC accounts can be maintained in USD/EUR/GBP/JPY/AUD/CAD in the form of Savings / Term Deposit

Credits to the account can be in any of the following means:

• Balances standing to the credit of NRE and FCNR accounts at the time of return.
• Income from overseas assets or sales proceeds from overseas assets.
• Entire amount of pension received from abroad.
• Balance in the account can be remitted abroad for bonafide purposes either for self or dependents.

If you decide to go abroad again you can transfer your funds to NRE/FCNR account (s)

Interest earned on RFC account is subject to tax.