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A person resident in India is permitted to open and maintain with an authorized dealer in India a Foreign Currency Account known as Exchange Earner's Foreign Currency (EEFC) Account. Currently, EEFC accounts are permitted to be maintained in the form of non-interest bearing current accounts. .
Exchange Earner's Foreign Currency (EEFC) Account- Liberalisation
In view of the recent global and domestic developments and with a view to give an opportunity to small and medium enterprises to manage the challenges in the global markets, Reserve Bank of India has decided on 6th October 2007 to permit all exporters to earn interest on EEFC accounts to the extent of outstanding balances of US $ 1 million per exporter. This is a purely temporary measure and valid upto October 31, 2008 and would be subject to further review.
It will now be possible for account holders to maintain outstanding balances to the extent of US $ 1 million in the form of term deposits up to one year maturing on or before 31st October 2008. The rate of interest may be determined by the banks themselves.
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