Exchange Earners Foreign Currency Account
Indian exports have surged over the last decade owing to an unprecedented boom in sectors like software, biotechnology, gems, jewellery, textiles etc. As a result of this, the volume of inward remittances has also increased significantly. To shield the firms engaged in regular export and import from the exchange rate fluctuations, RBI has allowed parking of foreign currency by exporters in an account designated as Exchange Earners Foreign Currency Account (EEFC).
Currently, EEFC deposits are in the form of a current account and do not attract any interest earning.
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EEFC accounts are offered without any minimum balance requirements. Along with the account, we will offer you the following set of services:
A person residing in India may open, hold and maintain the EEFC Account, subject to terms and conditions as may be specified by RBI from time to time including the FEMA Regulations 2000 governing EEFC Account and the Foreign Exchange Management Act, 1999.
Currently, we are offering EEFC Account in major currencies - USD - US Dollars, EUR - Euro and GBP - Sterling Pounds, AUD – Australian Dollars, CAD – Canadian Dollars, JPY – Japanese Yen, AED - UAE Dirham.
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