EEFC ACCOUNT PDF

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All rights reserved. For reprint rights: Times Syndication Service. Markets Data. Market Moguls. Expert Views. Technicals Technical Chart Visualize Screener.

Commodities Views News. Forex News Currency Converter. Market Watch. Pinterest Reddit. The Reserve Bank of India introduced this scheme in to enable exporters and professionals to retain their foreign exchange receipts in banks without converting it into the local currency.

What is the minimum balance for EEFC? This is typically a zero-balance account like normal current accounts. In other words, this means no account holder needs to maintain an average or minimum balance in the EEFC account. How does EEFC help exporters or individuals earn foreign currency receipts? As the account is maintained in foreign currency, no depositors are protected from exchange rate fluctuations.

Is there any prescribed limit of deposits in EEFC? There is no such limit. One can credit his or her entire foreign exchange earnings into this account, subject to some permissible credits. Can one take a foreign currency loan and put it in EEFC?

What are the permissible credits in this account? There is no such restriction on withdrawal in rupees of funds held in an EEFC account. Can one make a payment directly from EEFC account? A person residing in India can use the account for paying airfare or hotel expenditure. Add Your Comments. Follow us on. Download et app. Become a member. To see your saved stories, click on link hightlighted in bold.

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EN 50470-1 PDF

What is exchange earners’ foreign currency account

Reduce the cost of international trade and hedge against forex fluctuations. This non-interest bearing account is ideal for companies that receive foreign currency payments or make regular exports traded in foreign currencies. Simply park your foreign currency receivables in this account, and use them to make payments at a later date without the need to convert them to INR. No interest will be earned with this account. We offer extremely competitive foreign exchange conversion rates that help reduce your operational costs. However, the amount withdrawn in INR is not eligible for any conversion to foreign currencies and cannot be added back to this account. Simply visit us at any of our Branches and our Relationship Manager will be glad to assist you.

EN 12385-5 PDF

EEFC Account - Valuable Banking Facilities for Exporters

All rights reserved. For reprint rights: Times Syndication Service. Markets Data. Market Moguls. Expert Views. Technicals Technical Chart Visualize Screener.

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