EEFC Accounts

    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.

Features & Benefits

    EEFC accounts are offered without any minimum balance requirements. Along with the account, we will offer you the following set of services:

    • Foreign Cheque Collections: You can deposit foreign currency cheques payable anywhere in the world. Our wide coverage, enabled with the help of correspondent bank network will ensure that the cheques are credited to the Account extra fast.
    • Foreign Currency Drafts: Using your EEFC Account, you can also purchase Foreign Currency Drafts in USD, GBP, EURO, AUD & CAD. There will not be any foreign currency margin on the same.
    • Free monthly statements will be available on demand
    • Foreign Currency Cheque Book for international transactions, on demand
    • Cash withdrawal from EEFC account: Withdrawals in foreign currency is permitted only against applicable conversion margin, whereas there is no restriction on cash withdrawals in Indian Rupees.
    • Cash deposit into EEFC Account: Deposits in foreign currency is permitted only against applicable conversion margin.
    • Remittances from EEFC Account: In lieu of currency conversion margins, the EEFC Accounts will be eligible for the following special rates:

    Import transaction - 0.125% on the amount involved
    Export transaction - 0.25% on the amount involved
    Non-export remittance - 0.125% on the amount involved


    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.

    • Request letter for Opening EEFC Account, specifying the type of currency in which account is needed. The letter need to be signed, as per the bank mandate provided earlier with the Rupee account
    • Exporter-Importer Code (if applicable)
    • The proof of status (i.e. whether the unit is located in SEZ, STP or EHTP etc.)
    Opening a Parent INR Account
    All new EEFC Account holders would be required to first open a Parent INR Current Account for crediting the INR leg of the transaction/converting the balance held in the EEFC Account into INR as well as for paying the charges (if any).

    If you already have a Current Account with the branch where the EEFC Account is to be opened then you need to indicate the existing account number/customer ID on the request for account opening.
    Please note that the EEFC would be a zero ADB account.

    Operating the Account
    Account can be opened in only one currency. However, you can open separate accounts in US Dollars, Euro & Sterling Pounds.
    Transactions Permitted in the EEFC Account

    • Inward remittance through normal banking channel, other than remittances received on account of foreign currency loan or investment received from abroad or received for meeting specific obligations by the account holder
    • Payments received in foreign exchange by a 100 per cent Export Oriented Unit or a unit in (a) Export Processing Zone or (b) Software Technology Park or (c) Electronic Hardware Technology Park for supply of goods to similar such unit or to a unit in Domestic Tariff Area
    • Payments received in foreign exchange by a unit in Domestic Tariff Area for supply of goods to a unit in Special Economic Zone (SEZ)
    • Payment received by an exporter from an account maintained with an authorised dealer for the purpose of counter trade. (Counter trade is an arrangement involving adjustment of value of goods imported into India against value of goods exported from India in terms of Reserve Bank guidelines)
    • Advance remittance received by an exporter towards export of goods or services
    • Payment received for export of goods and services from India, out of funds representing repayment of State Credit in US Dollars held in the Account of Bank for Foreign Economic Affairs, Moscow, with an authorised dealer in India
    • Professional earnings including directors' fees, consultancy fees, lecture fees, honorarium and similar other earnings received by a professional by rendering services in his individual capacity
    • Interest earned, if any, on the funds held in the Account
    • Re-credit of unutilised foreign currency earlier withdrawn from the Account
    • Amount representing repayment by the Account holder's importer customer, of loan/advances granted by the exporter holding such an Account, as permissible under applicable rules / regulations / guidelines, as framed by the Reserve Bank of India, including the FEMA Regulations, 2000 governing EEFC Accounts, and the Foreign Exchange Management Act, 1999, in force from time-to-time
    • All debits to the Account shall be subject to the applicable rules / regulations / guidelines, as framed by the Reserve Bank of India, including the FEMA Regulations, 2000 governing EEFC Accounts, and the Foreign Exchange Management Act, 1999, in force from time-to-time

    The EEFC Account shall be available at all B Category branches for the purpose of foreign exchange dealings as specified from time-to-time by the Bank.
    Charges for facilities utilised under the Account would be levied at the rates as prescribed from time-to-time. Charges will be debited to the Account at such intervals as may be deemed fit by the Bank.

    Toll Free No.: 1800-22-0061(for BSNL and MTNL subscribers)or 022-4406 6666
    Please refer to the Schedule of Charges for details. All offers subject to change at the sole discretion of the Bank.

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