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Foreign Currency Account (FCA) is a transactional account. Which is denominated in a currency other than the home currency and maintained by a bank in the home country (onshore) or a bank in another country (offshore)?
In simple word, a Foreign Currency Account is an account held or maintained in currency other than the currency of India or Nepal or Bhutan.
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Below is some list of accounts that can be opened by resident individuals with an Authorised Dealer bank in India.
Read More: Foreign Currency Account Outside India.
The Following are eligible to open, hold and maintain the foreign currency accounts outside India to undertake the respective Business.
No person resident in India shall open or hold or maintain a foreign currency account:
Provided that a Foreign Currency Account held or maintained before the commencement of these Regulations by a person resident in India with special or general permission of the Reserve Bank, shall be considered to be held or maintained under these Regulations.
Provided further that the Reserve Bank, may on an application made to it, permit a person resident in India to open or hold or maintain a Foreign Currency Account, subject to terms and conditions.
An authorized dealer who hold foreign currency accounts (FCA) shall –
Recommended Article: RBI Approval to Receive Salary outside India in Foreign Currency Account.
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