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Thursday, August 7, 2008

EEFC Current Accounts, no more interests because of no Interest Rate from 1.11.08

RBI has reviewed & will withdraw the facility of, Interest on Exchange Earners' Foreign Currency (EEFC) accounts, to the extent of outstanding balances of USD 1 million per exporter from 1st November 2008, which will be existing till 31st October 2008, as said.
Till 31.10.2008 - EEFC A/C - Interest will be credited for Actual Balance OR USD 1 million per Exporter, whichever is less.
From 01.11.2008 - EEFC A/C - only be permitted to be opened and maintained in the form of Non-Interest bearing Current Accounts.


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