RFC account (Resident Foreign Currency account)

A foreign-currency bank account in India that a person resident in India may open with foreign exchange received or acquired as pension or other benefits from an overseas employer, or by converting assets acquired while a non-resident. The balance is free of restrictions on use outside India. On return, the RBI lets NRE money be moved into it instead of being redesignated as a rupee resident account, and FCNR(B) deposits can be converted into it at maturity if the holder is eligible.