Who can open?

  • EEFC Account

    For resident in India and earning foreign currency e.g. merchandise and/or service Exporters

  • Special purpose FCA

    For ship manning & crew manning agencies, overseas tour operators, Indian agents of foreign shipping

  • SEZ Foreign Currency Account

    Available for units operating in SEZ to manage foreign currency transactions

     

  • Diamond Dollar Accounts

    For entities dealing in purchase and sale of rough or cut & polished diamonds/ precious metal jewellery

Why get it from us?

  • Wide Currency Options

    Open accounts in up to 24 currencies for maximum global trade flexibility.

  • Full Forex Retention

    Keep 100% of your foreign exchange earnings without immediate INR conversion

  • Tailored Trade Solutions

    Specialised accounts for exporters, SEZ units, and diamond dealers for meeting their unique requirements

  • Trusted Banking Partner

    Wide branch network and expert advisory for smooth international transactions.

About

Exchange Earners Foreign Currency Account (EEFC)

An EEFC Account is a non-interest bearing current account in foreign currency that residents of India (like exporters or service providers) can open with an AD Category-I bank, to hold their foreign exchange earnings without immediate conversion into Indian Rupees.

 Key Features

  • Facility to Open EEFC Account in 24 currencies.
  • Retain Foreign Exchange Earnings in the currency you receive the funds
  • 100% foreign exchange earnings can be credited to the account subject to mandatory conversion of unutilised accruals during a month to Indian Rupees by last day of next month.

Foreign Currency Account for SEZ Units 

Units operating in Special Economic Zones (SEZs) can open non interest bearing  Foreign Currency current account with banks in India. This account can be used for conducting trade transactions with both residents and non-residents.

  • Facility to Open Account in  18 currencies.
  • Retain foreign exchange earnings in the currency you receive the funds without restriction of mandatory conversion to INR.

Diamond Dollar Account (DDA) 

The Diamond Dollar Account (DDA) is a non interest bearing foreign currency account scheme for firms involved in the import/export of diamonds, gemstones, and jewellery. Firms or companies dealing in diamonds and precious metal jewellery (plain or studded), with a minimum 3-year track record in international trade and an average annual turnover of ₹3 crores or more during the last 3 financial years are eligible to open DDA.

Key Features

  • The account is maintained in US Dollars and upto 5 DDA can be opened by the exporter.
  • Permissible credits include pre-shipment and post-shipment finance in US Dollars, realisation of export proceeds from diamonds and diamond-studded jewellery, and US Dollar realisation from local sales of rough, cut, or polished diamonds.
  • Permissible debits include payments for import or purchase of rough diamonds (local or overseas), purchase of cut/polished diamonds, gemstones, and plain gold jewellery from local sources, import or purchase of gold, repayment of USD loans to the bank, and transfers to the exporter’s rupee account
  • Unutilised portion of the credits received in a month account shall be converted to INR by last day of next month.

FAQs

What is an EEFC Account?

An EEFC (Exchange Earners Foreign Currency) is a non-interest bearing account that allows Indian residents (like exporters) to hold and manage their foreign currency earnings without conversion to INR.

Who can open an EEFC Account?

All categories of foreign exchange earners (residents in India and companies) can open an EEFC Account. However, Special Economic Zones (SEZs) units are not eligible and they are eligible to open Foreign Currency Accounts instead.

Do EEFC accounts earn interest?

No, these accounts are non-interest bearing.

What are the permissible credits to EEFC Accounts?

Permitted credits include:

  • Export proceeds (advance and realization)
  • Professional/Consultancy fees in foreign exchange,
  • Foreign exchange payments received from  EOU, STP, EPZ or, EHTP units, and 
  • Proceeds from counter trade arrangements.

What are the permissible debits from EEFC Accounts?

Permitted debits include:

  • Import Payments
  • Overseas Investments (ODI)
  • Purchases from EOU/STP/EPZ/EHTP units 
  • Other permitted current or capital account transactions under RBI/FTP rules

What documents are required for opening an EEFC Account?

The required documents are similar to those for opening a current account, based on your entity type (individual, partnership, company, etc.).

Can SEZ units open an EEFC Account?

No, units in Special Economic Zones (SEZs) are not permitted to open EEFC Accounts. Instead, they can open and maintain Foreign Currency Accounts for their eligible business transactions.

Who can open a DDA?

Firms and companies dealing in purchase/sale of rough or polished diamonds, or precious stones are generally eligible

In how many currencies a DDA can be opened

A DDA can only be opened and maintained in US Dollars (USD).

Disclaimer

PROCEED