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RFC Deposit

An account for your foreign currency to be converted into Rupees at a later date. Apply Today For a HSBC resident foreign currency deposit

RFC deposit

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:

  • Transfer funds currently held in NRE Accounts, FCNR Deposits and overseas remittances accounts into RFC Deposits when you return.
  • Maintain your funds as a Fixed Deposit in India. The Deposit comes with an auto renewal facility.
  • The deposits can be used to make bona fide remittances overseas without any prior approval.

Fees and charges:

  • A charge of ₹1,200 per quarter for non-maintenance of required balance would apply for RFC Domestic Current Account.

Ways to open:

Online, Branch, Phone

Features & Benefits

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.

Joint Term Deposit

  • You can hold the account/deposit jointly with NRI as well as other Residents who are close relatives (PDF) (relative as defined in Section 6 of the Companies Act 2013),
  • Deposits held jointly with residents can be operated only on 'Former or Survivor' basis.

Minimum RFC Deposit

Minimum RFC Deposit
Currency
Amounts
USD$
5,000
GBP£
3,500
JPY¥
500,000
EUR€
5,000
Minimum RFC Deposit
Currency
USD$
Amounts
5,000
Currency
GBP£
Amounts
3,500
Currency
JPY¥
Amounts
500,000
Currency
EUR€
Amounts
5,000

Resident Foreign Currency (RFC) Deposits

Resident Foreign Currency (RFC) Deposits
-

31 days -
< 6 months (% p.a.)

6 months -
< 1 year (% p.a.)

>= 1 year to 
< 2 years (% p.a.)

>= 2 years to 
< 3 years (% p.a.)

3 years (% p.a.)

USD$

0.10

0.10

0.10

0.10

0.10

GBP£

0.10

0.10

0.10

0.10

0.10

EUR€

0.10

0.10

0.10

0.10

-

JPY¥

0.10

0.10

0.10

0.10

-

Resident Foreign Currency (RFC) Deposits
-

USD$

31 days -
< 6 months (% p.a.)

0.10

6 months -
< 1 year (% p.a.)

0.10

>= 1 year to 
< 2 years (% p.a.)

0.10

>= 2 years to 
< 3 years (% p.a.)

0.10

3 years (% p.a.)

0.10

-

GBP£

31 days -
< 6 months (% p.a.)

0.10

6 months -
< 1 year (% p.a.)

0.10

>= 1 year to 
< 2 years (% p.a.)

0.10

>= 2 years to 
< 3 years (% p.a.)

0.10

3 years (% p.a.)

0.10

-

EUR€

31 days -
< 6 months (% p.a.)

0.10

6 months -
< 1 year (% p.a.)

0.10

>= 1 year to 
< 2 years (% p.a.)

0.10

>= 2 years to 
< 3 years (% p.a.)

0.10

3 years (% p.a.)

-

-

JPY¥

31 days -
< 6 months (% p.a.)

0.10

6 months -
< 1 year (% p.a.)

0.10

>= 1 year to 
< 2 years (% p.a.)

0.10

>= 2 years to 
< 3 years (% p.a.)

0.10

3 years (% p.a.)

-

These interest rates are effective from March 21, 2017. Interest rates are subject to change without any prior notice. Cumulative interest rates will vary based on the actual deposit tenure. Cumulative interest indicated above is applicable for the tenure shown alongside the rate.

Apply for a RFC Deposit

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Useful Links

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Important Information

Other Terms & Conditions

Non-Resident Indian (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.

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.

Non-Resident (NR) accounts and Non-Resident Indian (NRI) services are offered by The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India) under the Reserve Bank of India programme for Non-Resident Indians and are governed by the extant rules and regulations and the applicable laws of India, relating to such programmes, and are subject to the sovereign risk arising from any changes to such laws/rules/regulations. 

Approved for issue in the UK by HSBC Bank plc. 8 Canada Square, London E14 5HQ. Deposits/investments made with non-UK members of the group do not benefit from the protection provided under the UK Financial Services and Markets Act 2000, including the UK Financial Services Compensation Scheme.

Non-Resident Indian (NRI) account 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.

Approved for issue in the UK by HSBC Bank plc. 8 Canada Square, London E14 5HQ. Deposits/investments made with non-UK members of the group do not benefit from the protection provided under the UK Financial Services and Markets Act 2000, including the UK Financial Services Compensation Scheme.

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.

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.