Exchange Earners Foreign Currency (EEFC) Account

The Exchange Earners’ Foreign Currency (EEFC) Account is a non-interest-bearing current account created especially for exporters and foreign exchange earners. With Ujjivan SFB’s EEFC Account, you can retain 100% of your foreign currency earnings without immediate conversion into Indian Rupees. It helps you mitigate currency fluctuation risk and manage overseas obligations smoothly.
Enjoy seamless conversions, effortless transactions, and the freedom to manage your money in foreign currencies with our EEFC Account.

Features & Benefits

Retain Foreign Earnings in Multiple Currencies:

Hold your 100% foreign exchange earnings in major currencies such as USD, GBP and EUR to suit your international Biz needs.

Accessibility of funds:

Facility to book forward, against EEFC balances and a choice to make payments in foreign currency directly from the EEFC Account.

Mitigate Exchange Rate Risks:

Protects against currency fluctuations by retaining earnings in Foreign Currencies

Convert yours Fx fund:

Initiate the conversion of the EEFC balance to your INR operated Current Account without any hassle*.

Enhance Trade Efficiency:

Simplifies cross-border trade transactions

Interest Component :

EEFC account is a non-interest bearing current account.

EEFC Account Eligibility

All categories of Foreign Exchange Earners such as

The applicant must be a resident of India, which can include individuals, companies, partnerships, or other entities operating within the country

The applicant must be a foreign exchange earner, such as exporters, professionals earning foreign currency, or businesses engaged in foreign exchange transactions

Exporters must possess a valid Importer-Exporter Code (IEC) issued by the Directorate General of Foreign Trade (DGFT) to undertake foreign trade transactions

The person must adhere to the terms and conditions specified by the Reserve Bank of India (RBI) regarding EEFC accounts, FEMA Regulations 2000, and the Foreign Exchange Management Act (FEMA) of 1999

EEFC Account Opening Form click here

FAQs

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

No, SEZ Units cannot open EEFC Accounts. However, a unit located in a Special Economic Zone can open a Foreign Currency Account with an Authorised Dealer in India subject to conditions stipulated in Regulation 4 (D) of Foreign Exchange Management (Foreign Currency Accounts by a person Resident in India) Regulations dated January 21, 2016.

An EEFC account can be held only in the form of a current account.

No interest is payable on EEFC accounts.

Resident individuals are permitted to include resident relative(s) as a joint holder(s) in their EEFC account on ‘former or survivor’ basis. However, such resident Indian relative(s) shall not be eligible to operate the account during the life time of the resident account holder

100% foreign exchange earnings can be credited to the EEFC account subject to the condition that the sum total of the accruals in the account during a calendar month should be converted into Rupees on or before the last day of the succeeding calendar month after adjusting for utilization of the balances for approved purposes or forward commitments.