ICICI Bank To Offer Resident Foreign Accounts In 4 Currencies

Mumbai, December 23: | Updated: Dec 24 2002, 05:30am hrs
ICICI Bank has become the first domestic bank to launch a resident foreign currency account (RFC-D). Resident Indians can now open accounts with ICICI Bank to maintain funds in four foreign currencies Pound Sterling, US Dollar, Yen and Euro.

To begin with, ICICI Banks RFC facility will be available at eight cities: Mumbai, Calcutta, Delhi, Chennai, Bangalore, Ahemedabad, Pune and Hyderabad.

The RFC(D) account does not have any upper limit on balances maintainted. However, the customer has to ensure that the money deposited in the account is acquired through Reserve Bank of Indias permissible channels.

The customer can use the balance in the account for any purpose permissible under current foreign exchange regulations for resident Indians such as travel, medical treatment abroad, gifts up to $5,000, purchase of books directly or through the internet and education.

RFC(D) customers will be issued a foreign currency cheque book which can be used for making international payments. Also, foreign currency demand-drafts drawn on payees outside India or rupee demand drafts drawn on payee within the country can be issued by the bank on the basis of customers RFC(D).

Customers are allowed to transfer funds from RFC accounts to their ICICI Bank saving accounts or to withdraw cash in local currency from the branch where the account is held.