Can RFC accounts be opened jointly?
A31. Yes with another person eligible to open RFC account. Q32. For how many years can an RFC accounts be held? A32. RFC accounts can be held for any number of years. Q33. Is interest income on RFC deposits taxable? A33. Interest income on RFC deposits is taxable when the NRI loses RNOR (resident not ordinarily resident) status and becomes an ordinary resident. Q34. What is RNOR? A34. A returning Indian would have RNOR status if he has been a non resident for at least 9 of the previous 10 years or if he had been in India for not more than 729 days in the previous seven years. Q35. In what currencies are RFC a/cs denominated? A35 At present RFC accounts can be opened in US$ onlyat in our Bank. Shortly we will be opening them in Euro and British Pounds. Q36. Is there any tax deducted at source on interest earned on RFC accounts? A36 Yes. TDS is deducted on RFC interest where the depositor does not hold RNOR status. Repatriation for Non Residents Q37. Can a non resident repatriate his pen
