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of <h1>RBI Launches RFC-D Account for Indians to Hold Foreign Currency with No Balance Limit, Following KYC Guidelines.</h1> The Reserve Bank of India has introduced the Resident Foreign Currency (Domestic) Account (RFC-D) facility for Indian residents. This allows residents to open and maintain a foreign currency account with an authorized dealer in India using foreign exchange acquired through specified sources, such as travel or gifts. The account will be a non-interest-bearing current account with no balance ceiling and will facilitate payments for current or capital account transactions under existing foreign exchange regulations. This new facility is in addition to existing foreign currency retention options and requires adherence to 'Know Your Customer' guidelines.
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