Banking · Foreign Currency Accounts
Which account type is primarily used by residents to hold foreign currency deposits and manage foreign exchange transactions returning from long stays abroad or from designated sources while residing in India?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Resident Foreign Currency (Domestic) Account
- 2Non-Resident (External) Rupee (NRE) Account
- 3Resident Foreign Currency (RFC) Account✓
- 4Exchange Earner's Foreign Currency (EEFC) Account
Correct answer
Resident Foreign Currency (RFC) Account
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