Exchange Earners' Foreign Currency Account (EEFC)

Key Features

Exchange Earners' Foreign Currency Account (EEFC) is an account maintained in foreign currency with an Authorised Dealer Category - I Bank i.e. a bank authorized to deal in foreign exchange. It is a facility provided to the foreign exchange earners, including exporters, to credit their foreign exchange earnings to the account, so that the account holders do not have to convert foreign exchange into Rupees and vice versa, thereby minimizing the transaction costs.

Salient Features:

• All categories of foreign exchange earners, such as individuals, companies, etc., who are resident in India, may open EEFC accounts. Accounts can be denominated in USD, GBP, EUR, JPY, AED, CHF and AUD. These accounts are essentially non-interest bearing current accounts.

Eligibility: 

• All categories of foreign exchange earners, such as individuals, companies, etc., who are resident in India, may open EEFC accounts