Key facts
What the official sources publish
Every value below belongs to this exact product. Select a source marker to check its context.
Deposit typeResident Foreign Currency term deposit or special term deposit
Source 1Published purpose and eligibilityFor NRIs or PIOs who have returned to India for permanent settlement
Source 2Available currenciesUSD, GBP and EUR
Source 3Available tenorsMinimum 1 year; maximum 3 years
Source 4Minimum depositUSD 1,000, GBP 1,000 or EUR 1,000
Source 5Published currency ratesRates effective 15 Jul 2026 by tenor (USD/
Source 6Interest treatmentTDR interest is paid every 180 days; STDR interest compounds every 180 days
Source 7RepatriationPrincipal and interest are fully repatriable
Source 8Premature withdrawalBefore 1 year: no interest; after 1 year: 1 percentage point below the lower of the actual-run-period rate or contracted rateEffective 15 Jul 2026
Source 9Holder modeIndividual or joint with another person eligible to open an RFC account
Source 10Published tax treatmentInterest treatment depends on Resident or RNOR status; SBI states qualifying RNOR interest is tax-free for the described two-year period, otherwise TDS applies under prevailing rules
Source 11Conversion after status changeMay be converted to an FCNR(B) or NRE account if the holder regains NRI status
Source 12Published funding routesNRE or FCNR(B) balances on return to India, eligible fresh overseas remittances, foreign-account cheques, and foreign notes or travellers cheques subject to declaration thresholds
Source 13Benefits and features
- Holds returning residents' eligible funds in USD, GBP or euro
- Principal and interest are stated as fully repatriable
- May be converted back to FCNR(B) or NRE if NRI status is regained
Eligibility
- The account is intended for eligible NRIs or PIOs returning to India for permanent settlement.
- Joint holding is limited to another person eligible to open an RFC account.
- Tax treatment depends on the holder's Resident or RNOR status and should be checked against current tax rules.
Passing a listed condition does not mean the bank will approve an application.