What is the Full Form of EEFC?

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The full form of EEFC is Exchange Earners’ Foreign Currency Account. It refers to an account that is maintained in foreign currency with a particular Authorised Dealer Category such as a bank authorized to deal in foreign exchange. Interestingly, an EEFC account is opened in the form of a current account and no interest is payable on EEFC accounts. Moreover, the account holders also get a cheque facility. 

Also Read: What is the Full Form of IFSC?

What are the Benefits of EEFC?

EEFC accounts are among the best financial facilities provided to foreign exchange earners as well as exporters. 

  • They can credit 100% of their foreign exchange earnings to the account. 
  • In this way, the account holders do not necessarily have to convert foreign exchange into Rupees and vice versa. 
  • This also reduces the overall transaction costs.
  • You can access your EEFC account online through Internet Banking. 

What are the Limitations of an EEFC Account?

Although an EEFC account offers numerous advantages, it also has certain limitations. For instance, an EEFC account is unable to credit any foreign exchange purchased in India, against rupees, without first getting permission from the RBI

Also Read: What is the Full Form of NABARD?

How Many Currencies are in an EEFC Account?

You can easily open an EEFC account in up to 21 currencies including the United States Dollar (USD), Great Britain Pound (GBP), European Union (EUR), Hong Kong Dollar (HKD), and so on. 

Also Read: What is the Full Form of CIB?

Who can Maintain an EEFC Account?

Any person who is a resident of India is eligible to open and maintain a Foreign Currency Account, also known as an Exchange Earner’s Foreign Currency (EEFC) account. However, EEFC accounts can be opened or maintained in the form of non-interest-bearing current accounts only. 

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