If you are returning to India you need not worry about converting your foreign currency savings into Indian Rupees at unfavorable exchange rates. You can retain them in foreign currency by placing a RFC deposit with us and convert them into Indian Rupees at a later date when the exchange rate is favorable.

You can place RFC deposits in any of these 4 currencies: US Dollars, Pound Sterling, Japanese Yen, Euros.

Key features:

• Retain funds in 4 global currencies
  Continue holding your savings in US Dollar / Pound Sterling / Yen / Euro deposit even after you return to India.
• Shift monies to RFC deposits
  Transfer funds currently held in NRE Accounts, FCNR Deposits and overseas remittances accounts into RFC Deposits when you return.
• Earn Fixed Deposit Rates
  Maintain your funds as a Fixed Deposit in India. The Deposit comes with an auto renewal facility.
• Overseas remittances permitted
  The deposits can be used to make bona fide remittances overseas without any prior approval.
• Who can apply?
  If you are an individual of Indian nationality / origin returning to India permanently after being resident outside India for at least one year, you can place an RFC Deposit.
  
  Minumum Deposit
  

  Currency	Amounts
  USD	5,000
  GBP	3,500
  JPY	500,000
  EUR	5,000

NRI deposits are under the Reserve Bank of India programme for Non-Resident Indians and are governed by the rules in effect from time to time relating to such programmes, are subject to the sovereign risk arising from, and governed by the laws of, or any changes to the laws of India. Under current U.S. tax laws, U.S. citizens and residents are subject to tax on their worldwide income. You should consult your tax advisor for the U.S. treatment of income from these deposits.

NRI accounts and NRI Services are offered by The Hongkong and Shanghai Banking Corporation Limited