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EEFC Accounts and FIRC: What Banks Like ICICI and HDFC Actually Require to Open One

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Editorial team, serviceexportguide.com
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Short answer

A person resident in India may open an EEFC account with an authorised dealer bank under Schedule I to FEMA 10(R).12 ICICI Bank and HDFC Bank ask for current account documents.34 HDFC Bank charges ₹200 per FIRC.5 Each month's EEFC accruals must be converted by the end of the next month.2 From October 2026 each export needs an EDF.6

Applies toRules involvedPlatforms comparedLast verified
Residents of India with foreign exchange earnings2FEMA 10(R) Schedule I; Master Direction on Deposits and Accounts, paragraph 3.1; FEMA Export and Import Regulations, 2026126ICICI Bank, HDFC Bank, Razorpay, Karbon Business, Skydo3478931 October 2026

Opening an account to receive international payments in India usually means one of two things: asking your bank for an Exchange Earners' Foreign Currency (EEFC) account so you can hold foreign earnings, or simply receiving wires into your existing rupee account and collecting a Foreign Inward Remittance Certificate (FIRC) for each one. This page sets out what ICICI Bank and HDFC Bank publish about both, how they compare with payment platforms, and which RBI rules sit behind them. For the account itself, see what an EEFC account is and EEFC account benefits.

How do ICICI Bank, HDFC Bank and payment platforms compare for receiving export payments?

ICICI Bank and HDFC Bank both offer EEFC accounts to residents of India with foreign exchange earnings, while payment platforms collect through local account details and pay rupees into your bank.3410 The table adds the three providers with the lowest published cost on a USD 2,000 bank transfer; platform rows come first in that cost order, and the two banks, which do not publish a comparable conversion cost, follow A to Z.789

PlatformBest forFeeFX markupSettlementFIRARBI PA-CB statusSource
RazorpayLocal transfers from the US, UK and eurozoneMoneySaver bank transfers: 1% plus GST, or a flat ₹1,000 below ₹1,00,0000% on MoneySaver bank transfers, per RazorpayT+1 for push bank transfersFIRS emailed within 24 hours of settlement; no separate charge publishedListed PA-CB for inward and outward transactions711101213
Karbon BusinessUS bank transfers and marketplace payouts1% transaction fee, per its PayPal alternative page0% (freelancer page); 0.5% to 1.0% (PayPal alternative page)24 to 48 hours, per KarbonFIRA for every transaction from an unnamed banking partner; cost not publishedNot on the RBI list itself; its terms run export receipts under a partner the RBI lists as a PA-CB8141513
SkydoLocal bank transfers from major marketsUSD 19 plus GST up to USD 2,000; USD 29 plus GST up to USD 10,000; 0.3% plus GST above0% markup on the mid-market rate (product page); retail rate set by Skydo or its partner banks (terms)Within 24 hours (product page); T+1 to T+3 business days (terms)Free FIRA on every payment, per SkydoListed PA-CB for inward and outward transactions, authorised 8 January 20269161718131925
HDFC Bank (EEFC account and inward wires)Exporters who want an existing bank to receive wires and issue certificatesNo inward remittance charge; ₹200 per FIRC plus 18% GST; EEFC opened with zero initial pay-inSays "preferential rates at the time of conversion"; margin not publishedDepends on the banks involvedFIRC on request at ₹200 eachAuthorised dealer (AD) bank; EEFC accounts are opened with an AD bank542
ICICI Bank (EEFC account)Residents and companies that hold foreign earnings in one of 24 currenciesMinimum balance and charges not stated on the EEFC pageNot published on the EEFC pageNot published on the EEFC pageNot mentioned on the EEFC pageAuthorised dealer (AD) bank; EEFC accounts are opened with an AD bank32
  • Platforms pay rupees: Wise, for example, says Indian users cannot hold the foreign currency and that each payment is converted to INR for the Indian bank account.20
  • Banks can hold currency: an EEFC account keeps the foreign currency until you use or convert it, within RBI's monthly window.2

Choose by whether you need to hold foreign currency or only to receive rupees with a certificate.

Which RBI rule governs an EEFC account and a FIRC?

Schedule I to the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 governs the EEFC account, and RBI's Master Direction on Deposits and Accounts summarises it.12 The export side, including the bank's duty to publish documents and charges, sits in the 2026 export regulations.6

RuleBest forPlain meaningSource
FEMA 10(R), Schedule I, and Master Direction on Deposits and Accounts, paragraph 3.1Residents of India with foreign exchange earningsA person resident in India may open an EEFC account with an AD bank12
Master Direction, paragraph 3.1, creditsExporters receiving by wireUp to 100% of foreign exchange earnings received by inward remittance through normal banking channels, other than loans or investments, may be credited, as may advance remittances for exports2
Master Direction, paragraph 3.1, conversionExporters planning to hold balancesA calendar month's accruals must be converted to rupees by the last day of the next month, after approved uses or forward commitments2
Master Direction, paragraph 3.1, other conditionsExporters planning to borrowThe account pays no interest, and banks must not give credit facilities against EEFC balances2
FEMA (Export and Import of Goods and Services) Regulations, 2026, regulation 19Exporters comparing banksBanks publish a policy and SOP listing documents, timelines and charges6
Reserve Bank of India (Commercial Banks - Know Your Customer) Directions, 2025Anyone opening a bank accountSets the KYC that banks apply when opening accounts21

ICICI Bank adds that entities in Special Economic Zones cannot open EEFC current accounts and may open a Foreign Currency Account instead.3

What does each option charge to open and use an account for international payments?

Opening an EEFC account at ICICI Bank or HDFC Bank has no published opening fee on the pages checked, and the costs that matter are inward remittance charges, the FIRC fee and the conversion rate.345 Platforms publish a per-payment fee and pay rupees.79

OptionBest forWhat it publishesSource
RazorpayLocal transfers from the US, UK and eurozone1% plus GST per bank transfer, or ₹1,000 below ₹1,00,000; 0% FX markup710
Karbon BusinessUS bank transfers and marketplace payouts1% transaction fee148
SkydoLocal bank transfers from major marketsUSD 19 plus GST up to USD 2,000; USD 29 plus GST up to USD 10,000919
HDFC BankExporters receiving wires into an existing accountNo inward remittance charge; ₹200 per FIRC; 18% GST on fees; zero initial pay-in for the EEFC current account54
ICICI BankExporters holding earnings in less common currenciesEEFC in 24 currencies including USD, EUR, GBP and AED; non-interest bearing; charges not stated on the EEFC page3

Ask either bank for its full trade and remittance schedule before you choose.

Which option is cheapest at $500, $2,000 and $5,000?

The cheapest option at each invoice size can be estimated only for providers that publish their full fees, which excludes banks because they do not publish their conversion margin.43 The table works out the INR received on published platform fees at today's rate.

PlatformBest forINR on USD 2,000INR on USD 5,000INR on USD 10,000Cost on USD 5,000
SkydoMost INRTransfer to Skydo local account details or international SWIFT accountLocal bank transfers from major markets₹1,86,373₹4,67,991₹9,39,2060.68%
Karbon BusinessBank transfer to a Karbon virtual USD accountUS bank transfers and marketplace payouts₹1,86,262 to ₹1,86,601₹4,65,655 to ₹4,66,503₹9,31,311 to ₹9,33,0071.00 to 1.18%
RazorpayMoneySaver Export Account: bank transfer to virtual account details (Standard plan)Local transfers from the US, UK and eurozone₹1,86,262 to ₹1,86,601₹4,65,655 to ₹4,66,503₹9,31,311 to ₹9,33,0071.00 to 1.18%

Ranked by INR received on USD 5,000. Reference rate: European Central Bank data for 13 November 2026. Fees, conversion markup, GST on fees and FIRA charges as published by each provider, checked 28 October 2026. Ranges appear where a provider publishes a range or does not state its GST rate. Intermediary bank charges are excluded. See the methodology.

For example, on published fees a USD 2,000 receipt costs about 1.00 to 1.18% with Razorpay or Karbon Business and about 1.12% with Skydo, and at USD 5,000 Skydo works out to about 0.68%.714916 A bank wire into an HDFC Bank account carries no inward remittance charge, so its cost is mainly the bank's conversion rate plus ₹200 for each FIRC you request.5

What documents do ICICI Bank and HDFC Bank ask for to open an EEFC account?

ICICI Bank and HDFC Bank ask for the same documents as for a current account, according to the type of entity opening it.34 Neither publishes a separate EEFC document list on the pages checked.

RequirementICICI BankHDFC BankBest forSource
Who can openAll foreign exchange earners, such as resident individuals and companies operating out of IndiaAll foreign exchange earners, such as individuals and companies, resident in IndiaFreelancers and companies alike34
DocumentsSame as for a current account, by the entity's constitutionCurrent account documents, which vary by business typeMatching documents to your entity34
Address proofNot listed on the EEFC pagePassport, permanent driving licence, voter ID or Aadhaar, among othersIndividuals and proprietors34
Currencies24, including USD, EUR, GBP and AEDMultiple currencies, not named on the pageExporters paid in several currencies34
InterestNon-interest bearingNon-interest bearing current accountShort-term holding only34
  1. Check eligibility: confirm you are resident in India and earn foreign exchange, and that you are not an SEZ unit.23
  2. Gather current account documents: use the list for your entity type, plus the address proof the bank accepts.4
  3. Choose currencies: pick the currencies your clients pay in from the bank's list.3
  4. Give a standing instruction: tell the bank what share of each receipt to credit to the EEFC account, up to 100%.2
  5. Ask about certificates: ask how the bank issues a FIRC for each receipt and what it charges.5

The FIRC is separate from the e-BRC, which you now self-generate on the DGFT portal from your bank's inward remittance data.2223 See FIRC vs FIRA vs e-BRC and what a FIRC is.

What changes in 2026 for exporters opening an EEFC account?

The main 2026 changes for exporters opening an EEFC account are on the export side: new FEMA export regulations from 1 October 2026, an EDF for every service export, and a nine-month realisation period.624 The EEFC rules in the Master Direction were updated as on 2 September 2026.2

ChangeFromWhat it meansBest for
FEMA (Export and Import of Goods and Services) Regulations, 20261 October 2026Replace the 2015 export regulations for goods and services6Every exporter
EDF for all services1 October 2026Every exporter of services gives an EDF to the AD bank, not only software exporters6Freelancers and agencies new to the EDF
Realisation period1 October 2026Nine months from the invoice date, or twelve months if invoiced or settled in rupees24Exporters with long payment terms
Bank KYC DirectionsUpdated to 1 October 2026Bank KYC now sits in the Commercial Banks KYC Directions, 202521Anyone opening a new bank account

Each EEFC credit still needs its purpose code and EDF trail, so ask your bank how it reports EEFC credits; see the EDF for service exporters. Confirm the right account mix for your business with a chartered accountant.

How did we verify this?

We checked this page against the sources below on 31 October 2026. Provider fees, conversion markups and RBI payment aggregator (PA-CB) status were checked on 28 October 2026. Rupee amounts use European Central Bank reference rates for 13 November 2026. Read our methodology or report an error.

  1. [1]RBI: Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015, Notification No. FEMA 10(R)/2015-RB, amended up to 9 October 2025 (regulations 2, 4(A) and 6, Schedule I)
  2. [2]RBI: Master Direction, Deposits and Accounts (FED Master Direction No. 14/2015-16), updated as on 2 September 2026, paragraph 3.1
  3. [3]ICICI Bank: EEFC Account, business banking trade solutions page (checked 2026-10-31)
  4. [4]HDFC Bank: Exchange Earners Foreign Currency (EEFC) Account page (checked 2026-10-31)
  5. [5]HDFC Bank: Remittance services fees and charges (checked 2026-10-31)
  6. [6]RBI: Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, Notification No. FEMA 23(R)/2026-RB, amended up to 22 September 2026 (regulations 3, 4, 5 and 19)
  7. [7]Razorpay, Multi-Currency Account for International Bank Transfers (MoneySaver Export Account pricing) (checked 2026-10-28)
  8. [8]Karbon Business, Karbon for Freelancers (checked 2026-10-28)
  9. [9]Skydo FAQs, How much does Skydo charge? (checked 2026-10-28)
  10. [10]Razorpay Docs, International Bank Transfer (MoneySaver Export Account) (checked 2026-10-28)
  11. [11]Razorpay, Pricing, International Payments and International Bank Transfers tabs (checked 2026-10-28)
  12. [12]Razorpay Docs, FIRS Automated Process (checked 2026-10-28)
  13. [13]RBI: Certificates of Authorisation issued under the Payment and Settlement Systems Act, 2007, Payment Aggregators list (dated 16 October 2026)
  14. [14]Karbon Business, PayPal Alternative comparison page (checked 2026-10-28)
  15. [15]Karbon Forex Terms and Conditions, Interropac Private Limited (checked 2026-10-28)
  16. [16]Skydo, home page fee table (checked 2026-10-28)
  17. [17]Skydo, Receive international payments as a freelancer in India (product page) (checked 2026-10-28)
  18. [18]Skydo FAQs, What is accepted for GST filings and banks between FIRA and FIRC? (checked 2026-10-28)
  19. [19]Skydo FAQs, What countries can I get paid locally through Skydo? (checked 2026-10-28)
  20. [20]Wise Help Centre, Receiving payments for Indian businesses (checked 2026-10-28)
  21. [21]RBI: Reserve Bank of India (Commercial Banks - Know Your Customer) Directions, 2025, updated to 1 October 2026
  22. [22]DGFT: eBRC services (self-generation of e-BRC from bank inward remittance data)
  23. [23]DGFT: FAQs (Self-Generation of eBRC), Version 1.0, March 2024
  24. [24]RBI: Notification No. FEMA 23(R)/(1)/2026-RB dated 22 September 2026, amending regulation 5 (realisation period)
  25. [25]Skydo, Terms of Use, last updated 9 April 2026 (checked 2026-10-28)

Frequently asked questions

How do I open an account for receiving international payments in India?+

You can receive international payments into an ordinary Indian bank account, open an EEFC account with your bank to hold foreign currency, or sign up with a payment platform. A resident of India opens an EEFC account with an authorised dealer bank, using the bank's current account documents.23

Can a freelancer open an EEFC account at ICICI Bank or HDFC Bank?+

A resident freelancer can open an EEFC account at either bank. ICICI Bank says all foreign exchange earners, such as resident individuals, can open one, and HDFC Bank says the same for individuals and companies resident in India.34 The documents follow the bank's current account list.

How much does HDFC Bank charge for a FIRC on an inward remittance?+

HDFC Bank lists ₹200 per FIRC for inward remittances and foreign currency cheque collection, with GST at 18% of the fee.5 Its schedule shows no charge for receiving the inward remittance itself. The bank's conversion rate is a separate cost and is not published as a margin.

Do I need an EEFC account to receive export payments in India?+

No EEFC account is needed to receive export payments; the bank can credit rupees to your current or savings account. An EEFC account helps only if you want to hold foreign currency for later use, and each month's accruals must be converted by the end of the next month.2

Does an EEFC account earn interest in India?+

An EEFC account does not earn interest. RBI's Master Direction says the account is non-interest bearing and that banks must not grant credit facilities against EEFC balances.2 ICICI Bank describes it as an account to park foreign earnings for a short term.3

Is a FIRC the same as an e-BRC for exporters?+

A FIRC is not the same as an e-BRC. The bank issues the FIRC for a receipt, while the exporter self-generates the e-BRC on the DGFT portal from the bank's inward remittance data, under DGFT's Trade Notice of November 2023.2223

Can Wise or other payment platforms pay into an EEFC account?+

Many platforms convert every receipt to rupees. Wise, for example, says Indian users cannot hold the foreign currency and that each payment is converted to INR and sent to the verified Indian bank account.20 Ask any provider whether it can pay out in foreign currency before relying on an EEFC account.

This page is general information for Indian service exporters, not tax or legal advice. Rules change and outcomes depend on your facts, so confirm with a chartered accountant before acting.

Keep reading

Glossary

What is an EEFC account?

An EEFC account is a foreign currency current account in India where resident exporters can keep up to 100% of foreign earnings. Rules, uses and limits.

Payments

What are the benefits of an EEFC account for Indian service exporters?

What an Exchange Earner's Foreign Currency (EEFC) account lets an Indian exporter do, what RBI does not allow, and when it saves money on foreign receipts.

Glossary

What is a FIRC?

A FIRC is a Foreign Inward Remittance Certificate from your Indian bank confirming a payment from abroad. Uses for GST refunds and how it differs from FIRA.

Compare

What are the best banks for receiving international payments in India?

Published inward remittance and FIRC charges at Axis Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank and SBI, and the criteria exporters should compare.

RBI and FEMA

What is the difference between FIRC, FIRA and e-BRC for service exporters?

What FIRC, FIRA and e-BRC are, who issues each, how e-BRC works on the DGFT portal, and which documents Indian service exporters should keep for GST and tax.