Overview

An EEFC Account is a non-interest bearing Foreign Currency Current Account, which can be maintained with Axis Bank. It is a facility provided to the 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 Rupees.

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.