Exchange Earners’ Foreign Currency (EEFC) Account
Dena Bank offers resident Indians to open, hold and maintain a foreign currency account known as Exchange Earners’ Foreign Currency (EEFC) Account. This account will be maintained only in the form of non-interest bearing current account. The exporters may keep their foreign exchange receivables in this account up to the limits specified by RBI.
The balances held in this account may be utilized by the exporters to repay packing credit advances in INR and/ or foreign currency. The exporters may also extend trade related loans/advances to overseas importers out the balances in EEFC account subject to compliance of FEMA guidelines.
Diamond Dollar Account
It’s a foreign currency account meant for the firms/ companies dealing in purchase/ sale of rough or cut and polished diamonds, diamond studded Jewellery. Such firms with good track record of at least three years in import/ export of diamonds with an annual average turnover of Rs. 5 crore or above during the preceding three licensing years (from April to March) are permitted to carry out their business through designated Diamond Dollar Accounts (DDAs). Under the DDA scheme, it would be in order for banks to liquidate PCFC granted to a DDA holder by dollar proceeds from sale of rough, cut and polished diamonds by him to another DDA holder.
Dena Bank has specialized integrated treasury operations equipped with latest software system and communication technologies. We provide whole range of services and products like purchase/ sale of major foreign currencies, booking of forward contract etc. Full fledged dealing room operations and a strong presence in inter-bank forex market enable us to offer finer exchange rates to customers.
For further information please contact our Authorised Dealer Branches nearby you.