The banker should be informed in CASE of change of residential status. The bank will IMMEDIATELY designate resident bank account as “Non-resident ordinary” (NRO) account. The account COULD be in any form Saving, Current, Fixed DEPOSIT or Recurring Deposit.

A returning NRI can open a Resident Foreign Currency (RFC) account. Funds in this account are free from all restrictions regarding utilization in India! abroad including investment (e.g. immoveable property, shares) in any form outside India.

However it may be NOTED that the funds held in the RFC account offer a low return compared to other investment avenues in India.

The banker should be informed in case of change of residential status. The bank will immediately designate resident bank account as “Non-resident ordinary” (NRO) account. The account could be in any form Saving, Current, Fixed Deposit or Recurring Deposit.

A returning NRI can open a Resident Foreign Currency (RFC) account. Funds in this account are free from all restrictions regarding utilization in India! abroad including investment (e.g. immoveable property, shares) in any form outside India.

However it may be noted that the funds held in the RFC account offer a low return compared to other investment avenues in India.