Overview
Indian exports have surged over the last decade owing to an unprecedented boom in sectors such as software, biotechnology, gems, jewellery and textiles. 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 constant 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
Benefits of EEFC Current Account
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 a correspondent bank network will ensure that cheques are credited to the account in no time.
- Using your EEFC Account, you can also purchase Foreign Currency Drafts in USD, GBP, EURO, AUD, CAD, JPY, SGD and AED. 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 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 - 0.125% on the amount involved
- Non-export remittance - 0.125% on the amount involved
EEFC Current Account Eligibility Criteria
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, GBP - Sterling Pounds, AUD – Australian Dollars, CAD – Canadian Dollars, JPY – Japanese Yen SGD – Singapore Dollars and AED - UAE Dirham.
Fees and Charges Benefits of EEFC Current Account
Certain fees and charges may be applicable. These charges are nominal, transparent and disclosed by IndusInd Bank upfront so that you know what you are paying or being charged for.
Please click here to see the detailed Schedule of Charges for the account variant