Smart Foreign Exchange Management for Exporters & Professionals.
Retain your foreign currency earnings as they are and settle international obligations without conversion losses.
The EEFC Account is a non-interest-bearing current account maintained in foreign currency with our Authorized Dealer branches. It is a strategic tool for exporters, individual professionals, and business entities earning in foreign exchange. Instead of converting every inward remittance into Indian Rupees (INR) immediately, you can park 100% of your earnings in this account. This helps you avoid the costs of currency conversion and protects your profit margins from the risks of exchange rate fluctuations.
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- 100% Retention: Credit up to 100% of your foreign exchange earnings into this account.
- Risk Mitigation: Protect your business from market volatility by holding funds in original currencies to pay for future imports or overseas expenses.
- Zero Conversion Loss: Since funds are held in foreign currency, you save on the "Buy-Sell" spread during conversion when making outward payments.
- Supported Currencies: Maintained in major global currencies including USD, GBP, EUR, AED, SGD, JPY, CAD, and AUD.
- Flexible Debits: Use funds for permissible payments like import bills, overseas travel, trade advances, and professional fees abroad.
- Non-Interest Bearing: As per RBI regulations, no interest is payable on balances held in an EEFC account.
- Monthly Conversion Rule: The sum total of accruals in the account during a calendar month must be converted into Rupees on or before the last day of the succeeding calendar month, after adjusting for any utilized amounts or outward commitments.
- Non-Repatriability of INR: Any amount withdrawn from the EEFC account in Indian Rupees cannot be re-converted or re-credited to the account.
- Exporters: Individuals, Partnership Firms, LLPs, and Companies engaged in the export of goods and services.
- Professionals: Individual residents receiving professional earnings like consultancy fees, lecture fees, or honorariums from abroad.
- Inward Remittances: Entities receiving inward remittances for legitimate business purposes (excluding foreign loans or capital investments).
- Exclusion: Units located in Special Economic Zones (SEZs) are not eligible to open EEFC accounts.
- Can I hold multiple currencies in one account?
You can open separate EEFC accounts for different currencies (e.g., one for USD and one for EUR) to manage your diverse global earnings. - Can I use these funds to pay someone in India?
Yes, you can make payments in foreign exchange to a person resident in India for supply of goods/services (like hotel expenses or airfare) as permitted under FEMA. - Is there a minimum balance?
Generally, there is no stiff minimum balance, but standard current account maintenance norms apply.
- 100% Retention: Credit up to 100% of your foreign exchange earnings into this account.
- Risk Mitigation: Protect your business from market volatility by holding funds in original currencies to pay for future imports or overseas expenses.
- Zero Conversion Loss: Since funds are held in foreign currency, you save on the "Buy-Sell" spread during conversion when making outward payments.
- Supported Currencies: Maintained in major global currencies including USD, GBP, EUR, AED, SGD, JPY, CAD, and AUD.
- Flexible Debits: Use funds for permissible payments like import bills, overseas travel, trade advances, and professional fees abroad.
- Non-Interest Bearing: As per RBI regulations, no interest is payable on balances held in an EEFC account.
- Monthly Conversion Rule: The sum total of accruals in the account during a calendar month must be converted into Rupees on or before the last day of the succeeding calendar month, after adjusting for any utilized amounts or outward commitments.
- Non-Repatriability of INR: Any amount withdrawn from the EEFC account in Indian Rupees cannot be re-converted or re-credited to the account.
- Exporters: Individuals, Partnership Firms, LLPs, and Companies engaged in the export of goods and services.
- Professionals: Individual residents receiving professional earnings like consultancy fees, lecture fees, or honorariums from abroad.
- Inward Remittances: Entities receiving inward remittances for legitimate business purposes (excluding foreign loans or capital investments).
- Exclusion: Units located in Special Economic Zones (SEZs) are not eligible to open EEFC accounts.
- Can I hold multiple currencies in one account?
You can open separate EEFC accounts for different currencies (e.g., one for USD and one for EUR) to manage your diverse global earnings. - Can I use these funds to pay someone in India?
Yes, you can make payments in foreign exchange to a person resident in India for supply of goods/services (like hotel expenses or airfare) as permitted under FEMA. - Is there a minimum balance?
Generally, there is no stiff minimum balance, but standard current account maintenance norms apply.