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

Yes,

 

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.

 

Do read the Notification in RBI/2008-09/118 A. P. (DIR Series) Circular No. 04 dated 4th August 2008