header main logo header main logo

Eligibility Criteria to Open EEFC Current Account

Eligibility Criteria

All categories of foreign exchange earners such as individuals who are residents in India and companies operating out of India can open EEFC Accounts. However, entities in Special Economic Zones (SEZs) cannot open EEFC Current Accounts. They are eligible to open Foreign Currency Accounts.

EEFC Current Account FAQs

How can I open an EEFC Current Account with ICICI Bank?

You can get in touch with your Relationship Manager or give a missed call on 9205480548.

Do banks pay interest on these accounts?

EEFC Current Accounts are non-interest bearing accounts to park your foreign earnings for a short-term.

How much foreign exchange earnings can be credited to an EEFC Current Account?

100% of the foreign exchange earnings can be credited to an EEFC Current Account. It is subject to the condition that there needs to be mandatory conversion of unutilised EEFC balances by subsequent month-end, after adjusting for utilisation of the balances for approved purposes or forward commitments.

In how many currencies can I open an EEFC Current Account with ICICI Bank?

An EEFC Current Account can be opened in US Dollar (USD), Euro (EUR), Japanese Yen (JPY), British Pound (GBP), Swiss Franc (CHF), Australian Dollar (AUD), Canadian Dollar (CAD), UAE Dirham (AED), Chinese Yuan (CNY), Hong Kong Dollar (HKD), Kuwaiti Dinar (KWD), Swedish Krona (SEK), Qatari Riyal (QAR), Norwegian Krone (NOK), Singapore Dollar (SGD), South African Rand (ZAR), Saudi Riyal (SAR), New Zealand Dollar (NZD), Danish Krone (DKK), Bahraini Dinar (BHD), South Korean Won (KRW), Omani Rial (OMR), Polish Zloty (PLN) and Thai Baht (THB).

What are the documents required for opening an EEFC Current Account?

The documents required for opening an EEFC Account are the same as the list of documents required for opening a Current Account, as per the constitution of the entity.

What are the permissible credits for EEFC Current Accounts?

Following are the permissible credits:

  • Advance received against Exports (Goods/ Services)
  • Realisation of export bills
  • Professional fees (e.g. director fees, consultancy, lecture, etc.)
  • Payment received in foreign exchange by a 100% Export Oriented Unit (EOU) Scheme or a unit in Export Promotion Zone (EPZ), Software Technology Park (STP), Electronic Hardware Technology Park (EHTP) for supply of goods to similar units or to a unit in Domestic Tariff Area (DTA)
  • Payment received in foreign exchange by a unit in the DTA for supply of goods to a unit in SEZ
  • Payment received by an exporter for counter trade.

What are the permissible debits for EEFC Current Accounts?

Following are the permissible debits:

  • Payment towards imports (Goods/ Services)
  • Trade related loans/ advances extended by an exporter holding such an account to an importer/ customer outside India (subject to regulations)
  • Investments abroad through Overseas Direct Investment (ODI)
  • Payment in foreign exchange towards the cost of goods purchased from 100% EOU Scheme or a unit in EPZ, STP or EHTP
  • Payment of custom duty (as per provisions of the Foreign Trade Policy (FTP)
  • Payment outside India towards all permissible Current Account and Capital Account transactions.

Disclaimer

PROCEED