Foreign currency loans are also available against these deposits. Can be held singly or jointly in the names of eligible persons. Accounts can be maintained in the form of savings bank, current accounts, term deposits. Cheque book facility not permitted. Maintained in designated currency viz US Dollar.
Interest is payable in the designated currency viz.
The entire amount of foreign exchange brought to India at the time of return to India for permanent settlement as well as balances standing to the credit of NRE and FCNR accounts at the time of return, income received on overseas assets in the form of interest, dividends, sale proceeds of assets, pensions received from abroad etc. can be credited to RFC accounts. Funds in RFC accounts can be remitted abroad for any bona fide purpose of the account holder or dependants. It can also be used for making local payments. Can be transferred from one RFC account to another of the same account holder. Nomination facility available.