Let us use this thread for discussions on RFC accounts.
RFC Account FAQ
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The following post is by Ramji64.
According to ICICI web site
http://www.icicibank.com/Pfsuser/icicibank/ibank-nri/nrinewversion/faq_RFCsavings.htm#6
for returning NRIs, the eligibility to open this account is not linked in any way with their RNOR status under the Income Tax Act.
I thought RFC was only available for people in RNOR. Is that not true?
Or is it that there will be more questions from Indian IT if RFC is opened after RNOR?
RFC Accounts ( Resident Foreign Currency )
RFC Accounts ( Resident Foreign Currency )
I have been given to understand that any one can open a RFC account, however, there are restrictions on its funding.
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banker4invsts
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RFC Accounts ( Resident Foreign Currency )
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THIS FORUM IS NOT FOR BUSINESS SOLICITATION IN EACH AND EVERY THREAD. THERE IS A MARKETPLACE THREAD WHERE THIS MEMBER MAY POST HIS BUISNESS INTERESTS ONCE.
ADMIN
THIS FORUM IS NOT FOR BUSINESS SOLICITATION IN EACH AND EVERY THREAD. THERE IS A MARKETPLACE THREAD WHERE THIS MEMBER MAY POST HIS BUISNESS INTERESTS ONCE.
ADMIN
RFC Accounts ( Resident Foreign Currency )
ramji64;29546according to ICICI web site
http://www.icicibank.com/Pfsuser/icicibank/ibank-nri/nrinewversion/faq_RFCsavings.htm#6
for returning NRIs, the eligibility to open this account is not linked in any way with their RNOR status under the Income Tax Act.
I thought RFC was only available for people in RNOR. Is that not true?
Or is it that there will be more questions from Indian IT if RFC is opened after RNOR?[/quote]
RFC account can be opened by any residents of India. They dont need to come back from abroad.
So, there is no connection between RNOR or ROR status and eligibility to open the RFC account. NRI are not eligible.