In line with RBI’s
Policy towards liberalisation and announcement of Resident Foreign
Currency (Domestic ) Deposits Scheme for Resident Indians , Syndicate Bank
has launched the scheme wherein Residents can open current accounts in
Dollars, Pounds and Euro and credit the proceeds of foreign exchange
acquired in the form of currency notes, bank notes & travellers
cheques from the sources specified as below :
a) was acquired while on
a visit to any place outside India by way of payment for services not
arising from any business in or anything done in India; or
b) was acquired from any
person not resident in India and who is on a visit to India, as honorarium
or gift or for services rendered or in settlement of any lawful
c) was acquired by way
of honorarium or gift while on a visit to any place outside India; or
d) represents the
unspent amount of foreign exchange acquired by him from an authorised
person for travel abroad.
- Debits will be permitted for payment towards
Current/Capital Account transactions in accordance with the existing
foreign exchange regulations.
- Cheque Book facility will be provided for such
- The minimum balances to be maintained in the
accounts are US$-500, GBP-250 and EURO 500.
- There is no ceiling on the maximum balances that
can be maintained in the account.
- The account shall be maintained in the form of
Current A/c only and will not carry any interest.
- RFC (Domestic) deposits can be transferred from
one designated branch to another designated branch.
- All guidelines applicable to Foreign Currency
Transactions as per FEMA and RBI guidelines from time to time shall be
- Click here for Interest Rate on RFC (SB)
This scheme is in addition to the existing Resident Foreign Currency Scheme which Bank is operating for Residents who were earlier NRIs and have returned to India after working abroad.