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RFC Domestic Account GCO for Resident Indians

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  • Overview
  • Benefits
  • Most Important Terms and Conditions (MITC)

RFC Domestic Account GCO for Resident Indians : Overview

This deposit plan is ideal for utilising foreign exchange acquired on account of:

  • A visit to any place outside India by way of payment for services not arising from any business or similar service in India.
  • Receipt of honorarium or gift or for services rendered or of settlement of any lawful obligation from any person not resident in India and who is on a visit to India.
  • Receipt of honorarium or gift while on a visit to any place outside India.
  • Unspent amount of foreign exchange acquired by him from an authorised person for travel abroad.

RFC Domestic Account GCO for Resident Indians : Benefits

  • Avail free cheque book facility.
  • Instant credit against currency notes.
  • Instant credit against traveller’s cheque.
  • Provision for nomination.
  • Enjoy a limitless balance.

RFC Domestic Account GCO for Resident Indians : Most Important Terms and Conditions (MITC)

  • Only a current account can be opened.
  • A minimum balance of USD 500 or equivalent is mandatory.
  • Deposits can be used for all purposes permissible under foreign exchange regulations for resident Indians.

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