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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:

  • 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
  • Using your EEFC Account, you can also purchase Foreign Currency Drafts in USD, GBP, EURO, AUD and 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
  • 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.

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  • Daily balance Upto Rs. 1 Lakh 4 %
  • Daily balance above Rs. 1 Lakh & upto (& including) Rs. 10 Lakhs 5 %
  • Daily balance above Rs.10 Lakhs 6 %

  • 1 year 4 months to 5 years 6.75 %
  • Indus Tax Saver Scheme - 5 years (up to Rs 1.5 lac) 6.75 %

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