Resident Foreign Currency Accounts (RFC)
Open a foreign currency account at Standard Chartered Bank in a number of foreign currencies including US Dollars, British Pounds, Australian Dollars and many more. With our foreign currency accounts you will get the unique opportunity of choosing the designated foreign currencies in which you can maintain your accounts, transferring funds locally or internationally via the Pay-by-Phone facility, a dedicated Relationship Manager a simple phone call away and many more facilities especially for you. You can maintain both savings and fixed deposits through Standard Chartered foreign currency accounts.
A RFC 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 under current regulations
- Rupee Overdraft facilities securing Foreign Currency Fixed Deposits
- 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 100 or equivalent designated currency (Balance fluctuates according to exchange rate).
- 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 RFC Account
- The minimum deposit requirement of USD 100 for Savings Accounts, USD 1,000 for Fixed Deposits or its equivalent in designated Foreign Currency.
- A copy of your passport (Photo page)
- 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