NON-RESIDENT ORDINARY ACCOUNT
- This is a scheme permitting persons of Indian nationality or origin who have returned to India for permanent settlement (Returning Indians) after being resident outside India for a continuous period of not less than one year to open foreign currency accounts against the proceeds held in NRE/FCNR accounts or funds remitted from abroad.
- You can open Current, Savings and Term Deposit Accounts under the RFC Scheme. However, you will not be given a cheque book facility on the RFC Savings/Current Account. The account can be maintained in any currency such as USD, GBP, DEM, JPY, EURO etc.
- Amounts of Foreign Exchange Assets including deposits with banks outside India, investments in foreign currency such as shares and securities and immovable property outside India acquired or held while you were resident outside India.
- Balances standing to the credit of NRE/FCNR accounts together with interest due thereon.
- Amount of Foreign Currency Notes and Travellers cheques brought at the time of returning to India. Currency Declaration Form (CDF) is required if the foreign currency notes exceed USD 5000 or value of travelers cheques and notes exceeds USD 10,00.
- Dividend /Income or sale proceeds of overseas foreign currency assets.
- Pension from abroad.
- Expenses for education abroad,
- Family travel,
- Medical expenses,
- Other bonafide purpose permissible under the exchange control regulations,
- Bank charges,
- Transfer to other Foreign Currency Account of the depositor himself and
- All local payments.
- Nomination facility is available for RFC deposit accounts.