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What is the procedure of premature withdrawal of deposits held under RFC-accounts?

April 26, 2017deposits held premature procedure withdrawal

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What is the procedure of premature withdrawal of deposits held under RFC-accounts?

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In absence of guidelines from RBI under RFC scheme, authorised dealers may levy penalty of 1% on premature payment of deposits excepted on conversion to FCNR (B) NRE when the account holder becomes non-resident.