Non-Resident Foreign Currency Accounts (NRFC)
An NRFC Account can be opened with any of the following currencies-
US Dollar (USD)
British Pound (GBP)
Australian Dollar (AUD)
Japanese Yen (JPY)
Singapore Dollar (SGD)
Canadian Dollar (CAD)
Swiss Franc (CHF)
Norwegian Kroner (NOK)
Swedish Kroner (SEK)
New Zealand Dollar (NZD)
- A choice of designated currencies in which you can maintain your accounts.
- Tax exemption on interest from deposits as per current regulations
- Rupee and FCY loans against your NRFC deposit
- Sweep facilities to credit Rupee Accounts at compatible exchange rates
Terms & Conditions applied
- Banking convenience through our 24-hour Phone Banking
- Transfer funds locally, or internationally via the Pay-by-Phone facility
- Banking by fax (special application required)
- Priority Banking for personalized care
- Dedicated Relationship Manager just a phone call away
Types of Accounts Available
- Minimum deposit requirement is USD 500 or equivalent in designated currency (Balance fluctuates according to exchange rates).
- Interest is calculated on the daily balance and paid monthly. Withdrawals are on request.
Fixed Deposit Accounts
- Minimum deposit requirement is USD 1000 or equivalent in designated currency.
- Available for periods of 1, 2, 3, 6 and 12 months, for which interest is payable on maturity. Unless specified otherwise, deposits are renewed automatically on maturity at prevailing interest rates.
Requirements to open an NRFC Account
- The minimum deposit requirement of USD 500 for Savings Accounts, USD 1,000 for Fixed Deposits or its equivalent in designated Foreign Currency.
- A copy of your passport (Photo page) certified by your existing Banker.
- Account opening form duly completed and signed.
For more information on Remittances, email us, visit your nearest Standard Chartered Branch or call +94 11 2480 480