RFC Account SBI

Hii Buddy , I want to Open Resident Foreign Currency (RFC) Account in State Bank of India , Here Will you plz give me Required Eligibility and Interest Rates , Would you please give me Details ?

[shikha]

Transfer from balances held in NRE / FCNR (B) accounts upon arrival in India. Existing FCNR (B) time deposits can be closed prematurely or can be converted into RFC account or can be held till maturity..

Fresh remittances from overseas through banking channel (upon realization of sales proceeds of assets or income earned)

Types of RFC Accounts:

Term Deposits (TDR) -
Interest is paid at a frequency of 180 days from date of Term Deposit
Foreign Currency deposits of fixed tenure
Minimum Deposit of USD 1000, GBP 1000 or EURO 1000
Principal & interest amount are fully repatriable
Nomination facility available
Premature withdrawal allowed
Automatic renewal on maturity for the same period but at the then prevailing rate of interest.

Account Types Permissible:

Term Deposit
Special Term Deposit

Interest Rates :

PERIOD
USD
GBP
EURO

1 year to less than 2 years
1.71
1.08
0.15

2 years to less than 3 years
2.06
1.44
0.30

3 years
2.11
1.45
0.30

Procedure to Open a RFC Account State Bank of India :