EEFC full Form in the banking industry is Exchange Earners’ Foreign Currency Account. It sounds a little fancy, doesn’t it? The EEFC account is the type of bank account, which the banks of India provide mostly to exporters. It’s basically a storage place for exporters to store their foreign currency earnings without having to change the money into Indian rupees as soon as possible. The main concept behind the idea behind an EEFC account is that it will let exporters hold their foreign currency in their home country, giving them an advantage in managing their foreign exchange needs and making smart decisions in their overseas earnings.
What else should you Learn about EEFC?
The ability to hold onto an EEFC account has numerous benefits for exporters. It’s first and foremost an insurance policy to keep foreign earnings secure and safe which is extremely useful in times when the currency market is tangoing and you require that cash from abroad for business ventures. The fact that your money is inside an EEFC account allows you to be a bit more savvy against unpredictable exchange rate fluctuations which could mean you avoid the bullet when the currencies plunge. Additionally, EEFC accounts are all about allowing you to manage your foreign exchange in the way you want to.
