EEFC Accounts and FIRC: What Banks Like ICICI and HDFC Actually Require to Open One
- Author:
- Manoj Sharma
- Verified by:
- Editorial team
- Published:
- Last modified:
Short answer
ICICI Bank and HDFC Bank open EEFC accounts in 2026 for foreign exchange earners resident in India, using their usual current account KYC documents. Under RBI's Master Direction on Deposits and Accounts, the account pays no interest. Each month's accruals must be converted by the end of the next month. A FIRC supports GST refunds, and an LUT avoids IGST.
| Applies to | Rules involved | Platforms compared | Last verified |
|---|---|---|---|
| Indian residents who earn foreign exchange, such as freelancers, professionals, sole proprietors, partnerships, LLPs and companies, who want to hold export receipts in foreign currency at ICICI Bank, HDFC Bank or another AD Category-I bank. SEZ units cannot open one. | FEMA (Foreign Currency Accounts by a person resident in India) Regulations 2015, Schedule I, as set out in the Master Direction on Deposits and Accounts para 3.1, FEMA (Export and Import of Goods and Services) Regulations 2026, FEMA (Manner of Receipt and Payment) Regulations 2023, IGST Act s.2(6) and s.16, CGST Rule 89 and Rule 96A. | Skydo, Razorpay, HDFC Bank, ICICI Bank | 6 Oct 2026 |
How do ICICI Bank and HDFC Bank compare for Indian exporters and freelancers receiving foreign payments into an EEFC account?
Platforms named in the question are shown alongside the 2 highest payouts among the platforms this site covers, ranked by the INR received on a $5,000 invoice. Fees were checked on 30 Sept 2026.
| Platform | Best for | Fee | FX markup | Settlement | FIRA | RBI PA-CB status | INR on $5,000 | Source |
|---|---|---|---|---|---|---|---|---|
| Skydo | Indian freelancers and exporters receiving mid to large B2B invoices | $19 up to $2,000, $29 to $10,000, 0.3% above + GST | States zero FX margin at live rate | States under 24 hours; FAQ timelines vary by rail | States instant, free FIRA per payment | RBI authorised PA-CB Inward and Outward; on RBI list | ₹4,70,892 | Skydo pricing (checked 6 Oct 2026) |
| Razorpay | Indian businesses and freelancers on Razorpay invoicing foreign clients | 1% per bank transfer (Rs 1,000 flat below Rs 1,00,000) + GST | States 0% markup on MoneySaver at live rate | States 1 day (T+1 after invoice shared) | FIRS within 24 hours of settlement; no charge listed | RBI authorised PA-CB inward and outward, plus PA-O | ₹4,68,542 | Razorpay pricing (checked 6 Oct 2026) |
| HDFC Bank | Existing HDFC customers wanting free SWIFT receipts or EEFC accounts | No inward charge; physical FIRC INR 200 + taxes; GST on conversion | Card rate ~1.79% below mid-market on 6 Oct 2026; markup unpublished | Personal page states within 72 hours; trade no fixed time | Physical FIRC INR 200; emailed advice free for trade | RBI-listed private bank; AD status not confirmed on RBI | ₹4,65,142 | HDFC Bank pricing (checked 6 Oct 2026) |
| ICICI Bank | Existing ICICI customers wanting direct SWIFT credit and EEFC option | Rs 500 + GST new current accounts; varies; correspondent charges extra | Card rate ~1.59% below mid-market on 7 Oct 2026; markup unpublished | States within 1 hour of instruction and documents, eligible transactions | BIRC; Nil on Trade Basic/DigiTrade; standard charge not confirmed | RBI-listed private bank; AD Category-I not confirmed on RBI | ₹4,64,928 to ₹4,65,509 (estimate) | ICICI Bank pricing (checked 7 Oct 2026) |
Which RBI rule governs money received into an EEFC account?
The FEMA (Foreign Currency Accounts by a person resident in India) Regulations 2015 govern EEFC accounts, and RBI sets out their conditions in para 3.1 of the Master Direction on Deposits and Accounts. Any person resident in India may open one with an AD bank, held only as a non-interest current account. When the money is an export receipt, the FEMA Export and Import Regulations 2026 apply from 1 October 2026 for the EDF, EDPMS and realisation rules.
| Rule | Source | Clause | Plain meaning | Best for |
|---|---|---|---|---|
| Who can open an EEFC account | RBI FAQ on EEFC accounts | Q2 and Q5 | All foreign exchange earners resident in India, such as individuals and companies, may open one. SEZ units cannot, though they may open a separate Foreign Currency Account. | Checking eligibility before approaching a bank |
| Form of account | Master Direction on Deposits and Accounts | Para 3.1(4) | The EEFC account is a non-interest bearing account. RBI's FAQ adds that it can be held only as a current account. | Exporters deciding where to park foreign receipts |
| Permitted credits | Master Direction on Deposits and Accounts | Para 3.1(1) | Up to 100 percent of foreign exchange earnings by inward remittance through normal banking channels, other than loans or investments, can be credited. This includes export advances and professional fees earned in an individual capacity. | Service exporters and individual professionals |
| Monthly conversion | Master Direction on Deposits and Accounts | Para 3.1(6) | The total accruals in a calendar month must be converted into rupees by the last day of the next month, after allowing for approved uses or forward commitments. | Anyone planning to hold balances for longer |
| Rupee withdrawals and credit | Master Direction on Deposits and Accounts | Para 3.1(3) and 3.1(7) | Rupee withdrawals are allowed, but the amount cannot be credited back. Banks should not grant credit facilities against EEFC balances. | Exporters managing cash flow |
| Currency of receipt | Manner of Receipt and Payment Regulations 2023 | Reg 3(2) | Payments between a person in India and a person outside India go through an authorised bank or authorised person. Clients outside the ACU may pay in rupees or any foreign currency. | Choosing the invoice currency |
| Realisation period | FEMA Export and Import Regulations 2026 | Reg 5(1), as amended | Services must be paid within nine months of the invoice date, or twelve months if invoiced or settled in INR. The AD bank may extend this on request. | Exporters with slow-paying clients |
| Reporting and purpose codes | FEMA Export and Import Regulations 2026 | Reg 18(2) | The AD bank reports all foreign trade transactions in FETERS, which uses RBI purpose codes. | Understanding why the bank asks for a purpose code |
Which of ICICI Bank and HDFC Bank costs least on $500, $2,000 and $5,000 received from abroad?
Each row applies the platform's published fee, FX markup and 18% GST on the fee to the XE mid-market rate for 4 Nov 2026. Platforms without full published pricing are not included.
| Platform and invoice | Fee | FX markup | GST | INR received | Cost | Best for |
|---|---|---|---|---|---|---|
| Skydo, $500 | ₹1,802 | ₹0 | ₹324 | ₹45,288 | 4.48% | Indian freelancers and exporters receiving mid to large B2B invoices |
| Skydo, $2,000 | ₹1,802 | ₹0 | ₹324 | ₹1,87,529 | 1.12% | Indian freelancers and exporters receiving mid to large B2B invoices |
| Skydo, $5,000 | ₹2,750 | ₹0 | ₹495 | ₹4,70,892 | 0.68% | Indian freelancers and exporters receiving mid to large B2B invoices |
| Razorpay, $500 | ₹1,000 | ₹0 | ₹180 | ₹46,234 | 2.49% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Razorpay, $2,000 | ₹1,897 | ₹0 | ₹341 | ₹1,87,417 | 1.18% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| Razorpay, $5,000 | ₹4,741 | ₹0 | ₹853 | ₹4,68,542 | 1.18% | Indian businesses and freelancers on Razorpay invoicing foreign clients |
| HDFC Bank, $500 | ₹85 | ₹847 | ₹0 | ₹46,481 | 1.97% | Existing HDFC customers wanting free SWIFT receipts or EEFC accounts |
| HDFC Bank, $2,000 | ₹261 | ₹3,390 | ₹0 | ₹1,86,004 | 1.92% | Existing HDFC customers wanting free SWIFT receipts or EEFC accounts |
| HDFC Bank, $5,000 | ₹517 | ₹8,478 | ₹0 | ₹4,65,142 | 1.90% | Existing HDFC customers wanting free SWIFT receipts or EEFC accounts |
For example, on a $2,000 invoice Skydo pays about ₹1,87,529 and HDFC Bank about ₹1,86,004 at today's reference rate, a difference of ₹1,525.
What documents and GST apply to EEFC account payments at ICICI Bank and HDFC Bank?
To open the account, both banks ask for the same documents as a current account for your type of entity. ICICI Bank says this directly, and HDFC Bank lists address proof plus entity documents for proprietorships, LLPs and companies. Each export then needs an invoice and an EDF declaration, and a GST refund claim needs BRC or FIRC details. GST-registered exporters file an LUT in Form GST RFD-11 to export services without paying IGST, as services meeting IGST s.2(6) are zero-rated under s.16.
| Document | Who issues it | When needed | Best for |
|---|---|---|---|
| Current account KYC documents for your entity type | You submit them to the bank. HDFC Bank lists address proof (such as passport or Aadhaar) and, for proprietorships, licence or registration documents or GST returns (HDFC Bank EEFC page) | When opening the EEFC account. ICICI Bank says the documents match those for a current account as per the entity's constitution | First-time EEFC applicants |
| Company or LLP documents | You provide them. HDFC Bank lists the certificate of incorporation, MOA and AOA, board resolution and director list for private companies, and the LLP agreement and designated partners' resolution for LLPs | When opening the account | Companies and LLPs |
| Export invoice | You, the exporter | When you bill the client. The invoice date starts the nine-month clock under Reg 5(1) | Every foreign assignment |
| Export Declaration Form (EDF) | You declare it to the specified authority, usually your AD bank | Within 30 days from the end of the invoice month, or for services other than software on or before the payment date (Reg 3(2)) | All service and software exporters |
| FIRC (foreign inward remittance certificate) | Your AD bank, where it issues one. Ask the bank which inward remittance record it provides | After the money is credited. CGST Rule 89(2)(c) asks for BRC or FIRC details when claiming a refund on export of services | GST refund claims and proof of foreign receipt |
| Letter of Undertaking (Form GST RFD-11) | You file it on the GST portal | Before export, under Rule 96A | GST-registered exporters supplying without paying IGST |
What changed in the rules this year?
The main change is that the FEMA Export and Import Regulations 2026 replaced the 2015 export regulations on 1 October 2026. The EEFC conditions in the Master Direction on Deposits and Accounts were not changed by this. RBI also asked banks to credit inward payments faster from October 2026.
- New regulations: From 1 October 2026, A.P. (DIR Series) Circular No. 20 supersedes the Master Direction on Export of Goods and Services. Under Regulation 3(2) of the new regulations, services exporters, including software exporters, declare exports in the EDF.
- Realisation: A 22 September 2026 amendment, in force from 1 October 2026, cut the realisation period from fifteen to nine months, and from eighteen to twelve months where exports are invoiced or settled in INR.
- Faster credit: An RBI circular of 9 April 2026 asks banks to inform customers of inward payments on receipt and to try to credit them the same business day if received in forex market hours. It applies six months from the circular date.
- Accounts abroad: The October 2025 amendment to the Foreign Currency Accounts Regulations restated the rule letting an exporter hold a foreign currency account with a bank outside India and extended it to banks in an IFSC, with funds repatriated by the end of the next month, or three months for an IFSC.
- Income tax: The Income-tax Act, 2025 replaced the 1961 Act from 1 April 2026. Earlier tax years stay under the old Act.
How did we verify this?
Every rule is linked to its official source below with the date it was checked. Platform figures come from each platform's own pages; the full method is on the methodology page.
- RBI FAQ: Exchange Earners Foreign Currency (EEFC) Account (updated as on 5 July 2016), Q1 to Q7, Q10 and Q12 (checked 6 Oct 2026)
- RBI Master Direction: Deposits and Accounts, FED Master Direction No. 14/2015-16 (updated as on 2 September 2026), Para 3.1(1), (3), (4), (6) and (7) (checked 6 Oct 2026)
- Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) (Seventh Amendment) Regulations, 2025, Notification FEMA 10(R)(7)/2025-RB (6 October 2025), Para 3 (Regulation 5(CA) substituted) and para 4 (Explanation to Regulation 5); footnote naming the principal FEMA 10(R)/2015-RB regulations (checked 6 Oct 2026)
- Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, Notification FEMA 23(R)/2026-RB (amended up to 22 September 2026), Regulations 3(2), 4(2), 5(1) and 18(2) (checked 6 Oct 2026)
- RBI A.P. (DIR Series) Circular No. 20, RBI/2025-26/194: Export and Import of Goods and Services (16 January 2026), Paras 4 and 7 (checked 6 Oct 2026)
- Foreign Exchange Management (Export and Import of Goods and Services) (Amendment) Regulations, 2026, FEMA 23(R)/(1)/2026-RB (22 September 2026), Amendment to regulation 5 (checked 6 Oct 2026)
- Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023, FEMA 14(R)/2023-RB, Regulation 3(2) (checked 6 Oct 2026)
- RBI circular RBI/2026-27/08: Guidelines to facilitate faster cross-border inward payments (9 April 2026), Paras 3 and 4 (checked 6 Oct 2026)
- RBI A.P. (DIR Series) Circular No. 84, RBI/2011-12/413: Compilation of R-Returns, reporting under FETERS (29 February 2012), Paragraph 3 (checked 6 Oct 2026)
- ICICI Bank: Exchange Earners' Foreign Currency (EEFC) Current Account, Eligibility criteria; FAQs on opening, documents and permissible credits (checked 6 Oct 2026)
- HDFC Bank: Exchange Earners Foreign Currency (EEFC) Account, Eligibility criteria; Documents required; Important instructions on mandatory balance conversion (checked 6 Oct 2026)
- Central Goods and Services Tax Rules, 2017, Rule 89: Application for refund (CBIC tax information portal), Rule 89(2)(c) (checked 6 Oct 2026)
- Central Goods and Services Tax Rules, 2017, Rule 96A (CBIC tax information portal), Rule 96A(1) (checked 6 Oct 2026)
- Integrated Goods and Services Tax Act, 2017, section 2 (CBIC tax information portal), Section 2(6) (checked 6 Oct 2026)
- Integrated Goods and Services Tax Act, 2017, section 16: Zero rated supply (CBIC tax information portal), Section 16(1) (checked 6 Oct 2026)
- Income Tax Department: Objective and scope of the new Act (Income-tax Act, 2025), FAQs on repeal of the 1961 Act from 1 April 2026 (checked 6 Oct 2026)
- Skydo homepage (pricing and fee calculator), Know what you pay; calculator showing GST 18% of transaction fee (checked 6 Oct 2026)
- Razorpay MoneySaver Export Account (International Bank Transfers) pricing, Standard Plan: 0% FX markup, 1% fee, FlashLinks 2%, GST applicable, flat fee of INR 1,000 on transactions below INR 1,00,000, setup and AMC INR 0 (checked 6 Oct 2026)
- HDFC Bank: Remittance Services Fees & Charges, Inward Remittance Charge: No Charge; FIRC Charge for Inward Remittance & FCY Cheque Collection INR 200 per FIRC; GST slabs on amount of currency exchanged (checked 6 Oct 2026)
- ICICI Bank - Inward trade remittances, Receive remittances in 24+ currencies; BIRC for export proceeds, FIRC for FDI/FII on request; funds credited within 1 hour of disposal instruction and documents (checked 7 Oct 2026)
Frequently asked questions
Can an Indian freelancer open an EEFC account with ICICI Bank or HDFC Bank under RBI rules?
Yes. RBI's EEFC FAQ says all foreign exchange earners resident in India, including individuals, may open one. ICICI Bank and HDFC Bank both describe resident individuals as eligible. Professional fees earned in an individual capacity are a permitted credit. See what is an EEFC account.
Does an EEFC account pay interest under RBI FEMA rules?
No. Para 3.1(4) of the Master Direction on Deposits and Accounts says the EEFC account is a non-interest bearing account, and RBI's EEFC FAQ says no interest is payable. Balances are meant to be held for a short period before use or conversion. See EEFC account benefits.
How long can money stay in an EEFC account before RBI requires conversion to rupees?
The total credited in a calendar month must be converted into rupees by the last day of the following month, after adjusting for approved uses or forward commitments, under para 3.1(6) of the Master Direction on Deposits and Accounts. HDFC Bank says it converts unused balances on the last working day of that month.
Can a Special Economic Zone (SEZ) unit open an EEFC account at ICICI Bank or HDFC Bank?
No. RBI's EEFC FAQ says SEZ units cannot open EEFC accounts, and ICICI Bank repeats this. A unit in an SEZ may instead open a Foreign Currency Account with an AD bank, which the FAQ links to Regulation 4(D) of the Foreign Currency Accounts Regulations. Ask the bank which account applies to the unit.
Do I still need a FIRC if export payments are credited to an EEFC account?
A FIRC or bank realisation certificate is needed when claiming a GST refund on export of services, because CGST Rule 89(2)(c) asks for a statement of invoices with the relevant BRC or FIRC. Crediting the money to an EEFC account does not change this. Ask your AD bank what inward remittance record it issues. See FIRC vs FIRA vs e-BRC.
Which RBI purpose code does the bank use for payments credited to an EEFC account?
Banks report every inward receipt in FETERS under RBI's purpose code list in A.P. (DIR Series) Circular No. 84, and Regulation 18(2) keeps FETERS reporting in place. The code depends on the service sold, whatever account receives the money. Confirm it with your bank. See purpose code for freelancers.
Can money in an EEFC account be withdrawn in rupees and then re-credited in foreign currency?
Rupee withdrawals from an EEFC account are allowed, but under para 3.1(3) of the Master Direction on Deposits and Accounts the amount withdrawn cannot be credited back. RBI's EEFC FAQ adds that such rupees cannot be converted into foreign currency for re-credit. Plan conversions accordingly.
Can an EEFC account be held jointly or used with a cheque book under RBI rules?
RBI's EEFC FAQ says a cheque facility is available for operating an EEFC account. Resident individuals may add resident relatives, as defined in the Companies Act 2013, as joint holders on a former or survivor basis. Check with ICICI Bank or HDFC Bank how they set this up.