Exchange Earner's Foreign Currency Account | DBS SME Banking India

Exchange Earner's Foreign Currency Account

Reduce the cost of international trade and hedge against forex fluctuations

Exchange Earner's Foreign Currency Account

Reduce the cost of international trade and hedge against forex fluctuations

At a Glance

Facilitate International Transactions and hedge against foreign exchange fluctuations with the DBS Exchange Earner's Foreign Currency Account (EEFC).

Account Features

Non Interest Bearing account

This non-interest bearing account is ideal for companies* that receive foreign currency payments or make regular exports traded in foreign currencies.

* Not all exporters can open an EEFC accounts under general permission. Eg.; SEZ entities cannot open EEFC accounts. Such entities can instead open a Foreign Currency Account. Please refer to EEFC FAQ in case of any further clarification sought on EEFC accounts.

No Currency Conversion Required

Credit of 100% foreign exchange earnings to the EEFC account is allowed subject to the condition that the sum total of the accruals in the account during a calendar month should be converted into Rupees on or before the last day of the succeeding calendar month after adjusting for utilization of the balances for approved purposes or forward commitments.

Make payments in upto 9 currencies

Accounts can be opened in AUD, CAD, CHF, EUR, GBP, HKD, JPY, SGD, USD.

Stay informed with Monthly Reports

View all your EEFC accounts opened with DBS at a glance, with our combined monthly statements

EEFC to INR Transfer

EEFC to INR transfers allows the customers to convert their FCY balances to INR on a need basis.

Customers can provide instructions to convert their EEFC balances to INR either online on DBS IDEAL or through a manual request (Fax / Physical).

Schedule a callback via this online form.

Alternatively, you can reach us at 1800 103 6500 / 1800 419 9500

Email: [email protected]

FAQs

	Do you offer preferential foreign exchange rates?
	DBS is widely regarded as one of the best FX houses in Asia. We offer extremely competitive foreign exchange conversion rates that help reduce your operational costs.

	Can foreign exchange earnings received through an international credit card be deposited to my EEFC account?
	No.

	Are there any restrictions on withdrawal in INR of funds held in the EEFC account?
	There are no restrictions on withdrawal in INR of funds held in an EEFC account. However, the amount withdrawn in INR is not eligible for any conversion to foreign currencies and cannot be added back to this account..

	Are there different types of EEFC Accounts? Can I earn interest on this account?
	An EEFC Account is held only in the form of a current account with chequing facility. No interest will be earned with this account.

	How much of one’s foreign exchange earnings can be credited into an EEFC account?
	100% foreign exchange earnings can be credited to the EEFC account subject to the condition that the sum total of the accruals in the account during a calendar month should be converted into Rupees on or before the last day of the succeeding calendar month after adjusting for utilization of the balances for approved purposes or forward commitments.

	Are part Conversions permissible from the EEFC to INR ?
	2 Part conversions are permissible from the EEFC to INR depending on the requirement subject to the following being adhered to: Sum of the accruals in the account during a calendar month should be converted into Rupees on or before the last day of the succeeding calendar month after adjusting for utilization of the balances for approved purposes or forward commitments

Exchange Earner's Foreign Currency Account