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of <h1>Residents in India Can Open EEFC, RFC(D), and RFC Accounts with Authorized Banks; Interest Rates and Conditions Vary</h1> Resident individuals in India can open various foreign currency accounts with authorized dealer banks, including the Exchange Earners Foreign Currency (EEFC) Account, the Resident Foreign Currency (Domestic) [RFC(D)] Account, and the Resident Foreign Currency (RFC) Account. EEFC and RFC(D) accounts are current accounts, while RFC accounts can be current, savings, or term deposits. EEFC and RFC(D) accounts do not earn interest, whereas RFC accounts have deregulated interest rates. Permitted credits and debits vary for each account, including foreign exchange earnings, gifts, and permissible transactions. Joint accounts can be opened under specific conditions, with restrictions on operations by relative joint account holders.
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