RFC Domestic Current Account - Important Instruction

 

In accordance with Reserve Bank of India, the balances outstanding in all EEFC / Diamond Dollar Account (DDA) and RFC (D) accounts – as on the last day of a Current month – will be converted into Rupees by the Bank on the last working day of the succeeding month.

If the account holder does not wish to happen, they need to utilise the balance before the last day of succeeding month.

Such mandatory conversion by the bank will be done at the prevailing TT buying card rate.

If customer has booked Forward Contract/s for conversion of balances in these accounts at a future date (beyond last day of the succeeding month), the Bank will deduct this contracted amount from the eligible amount for the mandatory conversion.

If customer has any payment to be made in future from these accounts beyond the last day of the succeeding month, they need to inform the Bank before 25th of the succeeding month in writing. The customer needs to submit the underlying documents of such future transaction/s.

This will be an on-going procedure till the Bank receives revised instructions from Reserve Bank of India.