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:
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
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.
IBL Registration Number NSE: INE231308847
MCX Stock Exchange Limited: INE261314434 for dealing in currency derivatives segment