RFC Deposit Account

HSBC IN
NRI
RFC Deposit Account

Why choose our RFC Deposit Account?

Heading back to India for good? With our Resident Foreign Currency (RFC) Deposit Account, you can keep your savings in foreign currency without having to convert them to rupees.

Choose from 4 currencies – US dollars, British pounds, Japanese yen and Euros
Select a tenure of up to 3 years, with the option to auto-renew[@nri-deposit-auto-renewal]
Transfer in funds from FCNR deposits and overseas remittance accounts
View your balance easily at any time in our app or online

Ready to apply?

Interest rates

Here's how much interest you could earn on your savings:
Currency	31 days to less than 6 months	6 months to less than 1 year	1 year to less than 2 years	2 years to less than 3 years	3 years
US dollars (USD)	0.10% p.a.	0.10% p.a.	0.10% p.a.	0.10% p.a.	0.10% p.a.
British pounds (GBP)	0.10% p.a.	0.10% p.a.	0.10% p.a.	0.10% p.a.	0.10% p.a.
Euros (EUR)	0.10% p.a.	0.10% p.a.	0.10% p.a.	0.10% p.a.	-
Japanese yen (JPY)	0.10% p.a.	0.10% p.a.	0.10% p.a.	0.10% p.a.	-

Here's how much interest you could earn on your savings:
Currency	US dollars (USD)
31 days to less than 6 months	0.10% p.a.
6 months to less than 1 year	0.10% p.a.
1 year to less than 2 years	0.10% p.a.
2 years to less than 3 years	0.10% p.a.
3 years	0.10% p.a.

Currency	British pounds (GBP)
31 days to less than 6 months	0.10% p.a.
6 months to less than 1 year	0.10% p.a.
1 year to less than 2 years	0.10% p.a.
2 years to less than 3 years	0.10% p.a.
3 years	0.10% p.a.

Currency	Euros (EUR)
31 days to less than 6 months	0.10% p.a.
6 months to less than 1 year	0.10% p.a.
1 year to less than 2 years	0.10% p.a.
2 years to less than 3 years	0.10% p.a.
3 years	-

Currency	Japanese yen (JPY)
31 days to less than 6 months	0.10% p.a.
6 months to less than 1 year	0.10% p.a.
1 year to less than 2 years	0.10% p.a.
2 years to less than 3 years	0.10% p.a.
3 years	-

Interest rates are subject to change without any prior notice. Cumulative interest rates will vary based on the tenure of your deposit.

These rates came into effect on 21 March 2017.

Things to know before you apply

Who can apply for an RFC Deposit Account?

To apply for an RFC Deposit Account, you must be a non-resident Indian (NRI) returning to India permanently after being a non-resident for at least a year.

Additional eligibility criteria may apply.

Here's how much you'll need to deposit to open an account, depending on which currency you're using:

USD5,000
GPB3,500
JPY500,000
EUR5,000

You can open a joint account with:

Another NRI
A resident Indian who's a close relative, such as your spouse, parent, sibling or child

If the joint account holder is a resident Indian, the account must be operated on a former or survivor basis. This is where only one person, the 'former' (the NRI), can operate the account while they're alive. If the former dies before the 'survivor' (the other joint account holder), the survivor can take over.

To open a joint account, you and the joint account holder will need to come into an HSBC branch in India or overseas. If it's overseas, please make an appointment first by contacting us or your nearest branch directly.

Relatives you can hold a joint account with (PDF) Download

Adding a power of attorney

You can grant a power of attorney (also known as a 'POA') to a family member in India, which gives them the power to perform certain transactions with your account.

You can set up a power of attorney by visiting one of our branches, either with a completed power of attorney form or without one (you'll need to complete one in branch if you don't have one). Please contact us for more details or to arrange an appointment.

Adding a nominee

A nominee is someone who would take control of your account if you were to die.

You can add a nominee to your account quickly and easily through online or mobile banking, or by visiting one of our branches.

Ready to apply for an RFC Deposit Account?

Get a callback straight away and your account could be open in just 4 hours from the moment you submit your documents.

Request a callback This link will open in a new window

Frequently asked questions

A Resident Foreign Currency (RFC) Deposit Account is an account for NRIs returning to India. It's a convenient way to keep your savings in foreign currency until there's a favourable exchange rate for converting them into rupees.

Yes, you can transfer funds currently held in FCNR deposits and overseas remittances accounts into an RFC deposit when you return to India.

Simply open an RFC deposit in US dollars, pound sterling, Japanese yen or Euros, and convert them into Indian rupees at a later date.

You can transfer funds currently held in FCNR deposits and other overseas accounts into an RFC account.

There's a choice of 4 currencies, each with their own minimum deposit requirements:

USD5,000
GPB3,500
JPY500,000
EUR5,000

Yes, you can. However, if you withdraw your money early, there will be a 1% penalty on your interest rate for premature withdrawal. For example, if you were supposed to get a rate of 2.00%, you'll get 1.00% instead.

Partial withdrawals are not allowed.

FCNR Deposit Account

Enjoy tax-free interest in India on your earnings from abroad without having to convert them to rupees.

The benefits of an NRI deposit account

Do you prefer more certainty in terms of investment returns? NRI deposits might be what you're looking for.

Fees and charges for international money transfers

Discover the fair and simple fees for sending money from India to all over the world securely.

Notes

All foreign currency transactions through HSBC India are subject to applicable taxes.

Goods and Services Tax (GST) regulations and notified GST rates, Central GST and, State/Union Territory GST, and Cess as applicable or Inter-State GST, as applicable, would apply on our fees and charges.

The transaction value for forex conversion services is calculated as shown in the table.

**Currency transfer fees**
Currency transfer fees of currency exchanged	Value of Supply
Up to ₹100,000	1% of gross amount exchanged, subject to minimum amount of ₹250
From ₹100,001 to ₹10,00,000	₹1000 plus 0.5% of gross amount exchanged
Above ₹10,00,000	₹5500 plus 0.1% of gross amount exchanged, subject to maximum of ₹60,000

**Currency transfer fees**
Currency transfer fees of currency exchanged	Up to ₹100,000
Value of Supply	1% of gross amount exchanged, subject to minimum amount of ₹250

Currency transfer fees of currency exchanged	From ₹100,001 to ₹10,00,000
Value of Supply	₹1000 plus 0.5% of gross amount exchanged

Currency transfer fees of currency exchanged	Above ₹10,00,000
Value of Supply	₹5500 plus 0.1% of gross amount exchanged, subject to maximum of ₹60,000

Non-Resident Indian (NRI) accounts and /or 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.

NRI deposits/ accounts are held with The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India) and are not insured by any insurance company or corporation outside India and are payable only at the branch of the Bank in India where the deposit is made.

The deposit is being taken by The Hongkong and Shanghai Banking Corporation Limited, India, a banking Company incorporated under the Companies Ordinance of the Hongkong Special Administrative Region (HKSAR), having its registered office at 1, Queen’s Road Central, Hongkong, having its India Corporate Office at 52/60, Mahatma Gandhi Road, Fort, Mumbai - 400 001. The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India) is regulated for any deposit taking business by Reserve Bank of India. If you have a complaint about our deposit taking business, which cannot be resolved to your satisfaction by ourselves, then you may be able to refer this to Grievance Redressal Mechanism of the Bank. Your deposit may be guaranteed under Deposit Insurance and Credit Guarantee Corporation (DICGC) which covers most types of deposit-taking business in the instance that we cannot meet our obligations. The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India) has paid up capital and reserves of INR M 461,968 as at 31 March 2025.

NR deposits with the Bank in India are not insured by Federal Deposit Insurance Corporation (FDIC) of the USA, nor by any other insurance company or corporation outside India and are payable only at the branch in India where the deposit is made.

Under current US tax laws, US citizens and residents are subject to tax on their worldwide income. You should consult your tax advisor for the US treatment of income from these deposits.

NRI accounts and services are offered by The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India). HSBC India is a branch of The Hongkong and Shanghai Banking Corporation Limited. The Hongkong and Shanghai Banking Corporation Limited has a Representative Office in the UAE licenced by the Central Bank of the United Arab Emirates.

Deposits/accounts held with HSBC India are not protected deposit and are not protected by Deposit Protection Scheme in Hong Kong.

For Residents within Kingdom of Bahrain, we remind you that deposits made with HSBC India do not benefit from the protection provided under the Deposit Protection Scheme established by the Central Bank of Bahrain regulation concerning the establishment of a Deposit Protection Scheme and a Deposit Protection Board.

NRI services are provided by HSBC India. HSBC India is the branch of The Hongkong and Shanghai Banking Corporation Limited and HSBC India is not regulated in Canada. NR deposits with the Bank in India are not insured by Canadian Deposit Insurance Corporation (CDIC), nor by any other insurance company or corporation outside India and are payable only at the branch of the Bank in India where the deposit is made. You should consult your tax advisor for the Canada treatment of income from these deposits.

Deposits and accounts held with HSBC India are not protected by the Australian Financial Claims Scheme.

Why choose our RFC Deposit Account?

Interest rates

Things to know before you apply

Who can apply for an RFC Deposit Account?

Minimum deposit amounts

Joint accounts

Adding a power of attorney or nominee

Account documents and useful links

Ready to apply for an RFC Deposit Account?

Frequently asked questions

What is an RFC account?

Can I transfer my FCNR deposits to an RFC account?

What type of deposits are allowed under RFC?

Can I withdraw my money early?

You might also be interested in

FCNR Deposit Account

The benefits of an NRI deposit account

Fees and charges for international money transfers

Notes

Revised Goods and Services Tax information

Disclaimer

Connect with us