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Current Account - EEFC
An EEFC (Exchange Earners' Foreign Currency) account is a non-interest-bearing foreign currency current account, which can be maintained with Axis Bank. It is a facility provided to foreign exchange earners, including exporters, to credit 100 percent of their foreign exchange earnings to the account so that the account holders do not have to convert foreign exchange into Indian currency.
This account is helpful for foreign exchange earners who have payments in foreign currency and thus helps in avoiding the loss in foreign currency conversion which may occur during payments. The balances in the account (in case of no committed payments) have to be com-pulsorily converted into INR with in the last day of the succeeding calendar month. Account can be opened in multiple currencies.
Features & Benefits
This account comes with a host of unique features:
- Open your EEFC Account in multiple currencies
- Track funds through monthly statements.
- Retain foreign exchange earnings in the currency you receive the funds
- Safeguard yourself from currency fluctuation risk by converting remittances at the current market rates.
- EEFC account is a non-interest bearing current account
Eligibility & Documentation
All categories of foreign exchange earners, such as individuals, companies, etc., who are residents in India, may open EEFC accounts, subject to the terms and conditions, as may be specified by the RBI (Reserve bank of India) from time to time, including the FEMA (Foreign Exchange Management Act) Regulations 2000 governing the EEFC Account and the Foreign Exchange Management Act, 1999.
This account comes with a host of unique features:
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Current Account - Advantage
- Monthly Average Balance
Monthly Average Balance requirement of Rs. 25000/- (Metro & urban branches) , Rs. 12500/- (Semi-urban & rural branches) - Monthly Cash Deposit Limit
Enjoy Monthly Cash Deposit limit @ 10 times MAB up to maximum of ₹25 Lakhs - Cash Withdrawal
Unlimited for Home Branch, Rs. 50,000 per day for Non Home Branch.
Cash Deposit/month:
₹ 25 Lakhs
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