RFC Term Deposit

BOI

Repatriation

Freely Repatriable

BOI

Currency of deposit

Currency

USD, GBP

Deposit Tenure

12 months to 36 months

Interest & Taxation

Interest Rate

Rate as advised by Bank from time to time as per stipulated guidelines and will be displayed on the website

Taxation

Exempt till individual continues to be ‘Resident but not ordinarily resident’. Thereafter TDS is required to be deducted @10% plus surcharge as applicable

BOI

Who can open?

NRIs (other than a person resident in Nepal and Bhutan) which provides an opportunity for tax planning in India

Joint Account

Permitted

Nomination

Facility available

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RFC-Term-Deposit