Multicurrency accounts / India
A foreign-currency receipt is not always a foreign-currency balance.
ICICI Bank documents an EEFC current account for eligible foreign-exchange earners. SBI documents a narrower RFC(D) account for eligible resident individuals. Revolut documents a separate AD-II prepaid forex card with currency pockets. Wise, Payoneer and PayPal document cross-border receipt or settlement routes, not equivalent held balances. India requires the exact account category, source of funds, authorised entity and conversion timeline.
Direct answer
Choose the RBI-permitted job before the app.
For eligible exporters and other foreign-exchange earners, ICICI's EEFC account is the broad direct-bank path in this set, with a cited 24 currencies and mandatory treatment of unused monthly accruals. SBI's RFC(D) account is a narrower personal path in USD, GBP and EUR from defined sources. Revolut's pockets sit on a prepaid forex card and are not bank deposits. Wise auto-converts eligible business receipts to INR; Payoneer withdraws to a local bank or eligible EEFC account; PayPal settles export payments through an authorised dealer bank and does not provide stored value in India.
Read the India market guideBrowse the multicurrency directoryRead the Wise reviewRead the Payoneer reviewClassification first
EEFC, RFC(D), a forex card and receiving details are four different products.
Each has a different eligible customer, source of funds, legal holder and exit path.
EEFC current account
An eligible resident foreign-exchange earner opens a non-interest-bearing current account at an AD Category I bank. One hundred percent of eligible earnings may be credited, but unused monthly accruals after approved use and forward commitments must be converted to INR by the end of the succeeding month.
RFC(D) current account
An eligible resident individual may hold defined foreign-currency receipts with an authorised dealer. SBI's cited product is USD, GBP or EUR, non-interest-bearing and without cheque or ATM access. The source of foreign exchange and monthly conversion rule matter more than a generic personal-account label.
Prepaid forex card
Revolut Forex India, an AD-II entity, issues the cited card and uses AD-I banks for settlement. Currency pockets can store loaded foreign exchange, but the card is not a bank deposit, pays no interest and cannot be used for domestic India, Nepal, Bhutan or local-currency transactions.
Receiving and settlement detail
Wise, Payoneer and PayPal can expose overseas payer routes, but the Indian customer may receive INR automatically or withdraw into a separate EEFC account. A routing number, IBAN or marketplace detail displayed by a payment service is not the customer's Indian foreign-currency bank deposit.
Verified India multicurrency comparison
Change the job, not the evidence.
These controls only reorder approved market records. Legal entity, product class, protection wording, source date and confidence stay fixed.
Export earnings: Prioritises direct EEFC holding before automatic-INR settlement routes.
| Provider | Product type | Market status | Legal entity | Protection model | Evidence | Compare |
|---|---|---|---|---|---|---|
| ICICI BankEligible exporters and foreign-exchange earners managing approved future forex use. | india ad category i bank eefc multicurrency current account | eligible resident foreign exchange earners with currency and conversion conditions | ICICI Bank Limited | This is a direct bank current account. DICGC treatment depends on the exact insured bank, eligible deposit, same-right-and-capacity aggregation and claim valuation conditions.EEFC is designed to reduce conversion costs for approved forex use, not to create unrestricted permanent foreign-currency assets. | 5 source records | |
| PayoneerEligible freelancers, marketplaces and businesses settling receipts to bank or EEFC. | india business cross border receiving with bank or eefc withdrawal | business and freelancer receiving with eligibility currency and withdrawal conditions | Payoneer India Private Limited | Payoneer is not a bank and its receiving details do not receive a DICGC label. Any final EEFC or INR deposit uses the exact receiving bank's rules.Payer eligibility, receiving detail, currency, automatic withdrawal, conversion, fees, e-FIRC and complaints remain distinct. | 3 source records | |
| WiseEligible Indian businesses receiving foreign client payments with INR settlement. | india cross border business receiving with automatic inr conversion | eligible business receiving details with payer purpose limit and settlement conditions | Wise Payments India Private Limited; separate Vaho Forex Private Limited scope | The receiving detail is a cross-border payment route, not an Indian bank deposit or held currency balance at Wise. Protection follows the payment and final bank-deposit stages separately.Business type, payer, purpose, currency, verification, per-transaction limits, fees, e-FIRC and settlement remain conditional. | 2 source records | |
| PayPalInternational checkout or export receipt where PayPal acceptance is required. | india cross border payment service with authorised dealer bank settlement | international and export payments with verification fee conversion and bank credit conditions | PayPal Payments Private Limited | This is a payment and settlement route, not a foreign-currency deposit or multicurrency wallet in India. The final Indian bank credit has a separate deposit state.International-only scope, payer, merchant, currency, conversion, withdrawal, dispute and fee conditions apply. | 2 source records | |
| State Bank of IndiaEligible resident individuals retaining defined foreign-currency receipts temporarily. | india ad bank resident foreign currency domestic current account | eligible resident individuals with source currency balance and conversion conditions | State Bank of India | This is a direct bank current account. Exact DICGC eligibility and valuation require confirmation at the insured bank and aggregate by right and capacity.The official product page's minimum-balance figures were last updated in 2022 and require branch confirmation; monthly conversion conditions apply. | 4 source records | |
| RevolutEligible adult Indian resident travellers loading supported foreign currencies. | india ad ii multicurrency prepaid forex card with separate inr ppi wallet | personal foreign currency pockets with eligibility use load and withdrawal conditions | Revolut Forex India Private Limited; separate INR wallet by Revolut Payments India Private Limited | The forex card is an AD-II prepaid foreign-exchange product settled through AD-I banks, not a DICGC-labelled customer deposit. The separate INR PPI uses scheduled-bank escrow safeguarding.The forex card cannot be used in India, Nepal or Bhutan or for INR, NPR or BTN transactions; pockets, conversion and domestic wallet remain separate. | 4 source records |
ICICI Bank
india ad category i bank eefc multicurrency current account- Market status
- eligible resident foreign exchange earners with currency and conversion conditions
- Legal entity
- ICICI Bank Limited
- Product note
- ICICI documents a non-interest-bearing EEFC current account in 24 currencies for eligible resident foreign-exchange earners. Unused monthly accruals remain subject to RBI's succeeding-month INR conversion rule.
- Protection model
- This is a direct bank current account. DICGC treatment depends on the exact insured bank, eligible deposit, same-right-and-capacity aggregation and claim valuation conditions.EEFC is designed to reduce conversion costs for approved forex use, not to create unrestricted permanent foreign-currency assets.
View legal and product sources
Payoneer
india business cross border receiving with bank or eefc withdrawal- Market status
- business and freelancer receiving with eligibility currency and withdrawal conditions
- Legal entity
- Payoneer India Private Limited
- Product note
- Payoneer documents business receiving details and automatic withdrawal for Indian customers to a local Indian bank account or eligible EEFC account. The receiving details are not bank accounts.
- Protection model
- Payoneer is not a bank and its receiving details do not receive a DICGC label. Any final EEFC or INR deposit uses the exact receiving bank's rules.Payer eligibility, receiving detail, currency, automatic withdrawal, conversion, fees, e-FIRC and complaints remain distinct.
View legal and product sources
Wise
india cross border business receiving with automatic inr conversion- Market status
- eligible business receiving details with payer purpose limit and settlement conditions
- Legal entity
- Wise Payments India Private Limited; separate Vaho Forex Private Limited scope
- Product note
- Eligible Indian businesses receive through supported foreign account details, but Wise automatically converts receipts to INR and transfers them to the verified Indian bank account. The details cannot hold balances or send money.
- Protection model
- The receiving detail is a cross-border payment route, not an Indian bank deposit or held currency balance at Wise. Protection follows the payment and final bank-deposit stages separately.Business type, payer, purpose, currency, verification, per-transaction limits, fees, e-FIRC and settlement remain conditional.
View legal and product sources
PayPal
india cross border payment service with authorised dealer bank settlement- Market status
- international and export payments with verification fee conversion and bank credit conditions
- Legal entity
- PayPal Payments Private Limited
- Product note
- PayPal's India agreement covers international and export-payment services with authorised-dealer bank settlement. PayPal states that it is not a bank in India and does not provide stored value.
- Protection model
- This is a payment and settlement route, not a foreign-currency deposit or multicurrency wallet in India. The final Indian bank credit has a separate deposit state.International-only scope, payer, merchant, currency, conversion, withdrawal, dispute and fee conditions apply.
View legal and product sources
State Bank of India
india ad bank resident foreign currency domestic current account- Market status
- eligible resident individuals with source currency balance and conversion conditions
- Legal entity
- State Bank of India
- Product note
- SBI documents a non-interest-bearing RFC(D) current account in USD, GBP and EUR for eligible resident individuals and defined foreign-currency sources, without a cheque book or ATM card.
- Protection model
- This is a direct bank current account. Exact DICGC eligibility and valuation require confirmation at the insured bank and aggregate by right and capacity.The official product page's minimum-balance figures were last updated in 2022 and require branch confirmation; monthly conversion conditions apply.
View legal and product sources
Revolut
india ad ii multicurrency prepaid forex card with separate inr ppi wallet- Market status
- personal foreign currency pockets with eligibility use load and withdrawal conditions
- Legal entity
- Revolut Forex India Private Limited; separate INR wallet by Revolut Payments India Private Limited
- Product note
- Revolut Forex India provides a prepaid multicurrency forex card with separate foreign-currency pockets. The INR PPI wallet belongs to a different entity and product, and neither is a customer bank deposit.
- Protection model
- The forex card is an AD-II prepaid foreign-exchange product settled through AD-I banks, not a DICGC-labelled customer deposit. The separate INR PPI uses scheduled-bank escrow safeguarding.The forex card cannot be used in India, Nepal or Bhutan or for INR, NPR or BTN transactions; pockets, conversion and domestic wallet remain separate.
View legal and product sources
0 selected locally.No matching comparison is published
Protection boundary
DICGC follows an eligible bank deposit, not an app balance or foreign detail.
DICGC's current guide covers eligible savings, fixed, current and recurring deposits at insured banks, subject to stated exclusions. The ceiling is INR 500,000 for principal and interest in the same right and capacity across all branches of the same bank. ICICI EEFC and SBI RFC(D) are direct bank products, but the exact account's eligibility, currency valuation, depositor capacity and bank registration still need confirmation. A new currency or second branch does not create a new limit.
Revolut's multicurrency card terms explicitly say the stored funds are not a deposit with Revolut. Its separate INR PPI wallet uses scheduled-bank escrow safeguarding, which is not the same as the customer owning a deposit at the escrow bank. Wise, Payoneer and PayPal receiving details are payment routes. Once funds reach the customer's named Indian bank or EEFC account, the final deposit state must be assessed separately from the preceding payment service.
ICICI EEFC
A direct bank current account with product, capacity and DICGC conditions.
SBI RFC(D)
A direct resident bank current account with defined eligible credits.
Revolut forex card
A non-deposit AD-II prepaid foreign-exchange product with AD-I settlement.
Payment detail
Wise, Payoneer and PayPal do not become banks because they route a receipt.
Capability and cost matrix
A currency count does not override FEMA, conversion or settlement rules.
The authenticated bank or provider instruction controls each receipt, load, exchange and withdrawal.
ICICI and SBI bank holding
ICICI lists 24 EEFC currencies including USD, EUR and GBP, online conversion to INR and earmarking for approved commitments. The account pays no interest and unused monthly accruals have a conversion deadline. SBI's RFC(D) page lists only USD, GBP and EUR, no interest, no cheque book and no ATM card. Its published currency minimum balances come from a page last updated in 2022, so this page does not treat them as current fees or onboarding thresholds. Confirm currencies, branch availability, charges and balances at application time.
Revolut travel pockets
Revolut's card terms permit separate currency pockets and loading of eligible foreign exchange. Exchanges can occur between foreign currencies, while buying or selling against INR uses the separate add-money or withdrawal path. A completed exchange cannot simply be cancelled; reversal requires another transaction at the then-current rate and fees. The available currencies can change, the card can be pushed back to the customer's bank for regulatory reasons, and acceptance outside prohibited markets is not guaranteed.
Wise, Payoneer and PayPal settlement
Wise's current India business flow has a cited INR 2.5 million maximum and USD 5-equivalent minimum per receipt, then automatic INR conversion, bank transfer and e-FIRC. Payoneer documents automatic withdrawal to an Indian bank or eligible EEFC account; the route and fees remain customer-specific. PayPal's dated schedule lists 4.40% plus a fixed currency fee for international commercial receipts, with separate conversion and dispute rows. Those fees do not prove holding and require live revalidation.
Receipt and credit sequence
Match the source of funds, purpose code, currency and final account.
An EEFC or RFC(D) credit begins with an RBI-permitted account category and an eligible source of foreign exchange. A Wise, Payoneer or PayPal receipt begins with the payer, payment purpose, invoice, currency and provider detail, then moves through conversion or withdrawal to the final Indian bank account. A Revolut forex-card load begins with travel or another permitted foreign-exchange purpose and the AD-II flow. These sequences cannot be substituted simply because the same currency code appears.
Before sharing or funding anything, verify the legal customer name, PAN or business identity, account category, currency, sender, purpose code, invoice and current account detail. Preserve the e-FIRC or bank advice after settlement. If compliance requests more information, respond through the authenticated channel and keep the original transaction pending. Do not split, mislabel or reroute a payment to avoid a regulatory threshold or activity review.
- 01Identify EEFC, RFC(D), prepaid forex card or automatic-settlement flow.
- 02Confirm residence, business type, source of funds, payer and permitted purpose.
- 03Match currency, beneficiary, bank or provider detail and required reference.
- 04Review provider, conversion, correspondent, recipient, tax and return charges.
- 05Retain invoice, purpose declaration, e-FIRC, credit advice and final bank status.
Loading, empty, stale, error and regulatory-review states
A pending inward remittance is not a usable foreign-currency balance.
Keep the product and transaction stage visible before retrying or escalating.
Loading or empty account list
A loading bank screen does not prove closure, and an empty provider list does not prove the customer's currency is unsupported globally. Check residence, product entitlement, KYC, branch or app status and service notices. Do not fund a guessed detail while the authenticated account state is unresolved.
Currency or credit unavailable
A bank may support a currency but reject the proposed source, purpose or customer. A provider may list an overseas receipt detail that auto-converts rather than holds. Treat the exact unavailable state as final until approved evidence or the authenticated account changes; do not infer access from another market.
Stale detail or balance rule
Bank forms, supported currencies, minimum balances, correspondent instructions and fees change. SBI's legacy minimum-balance figures are therefore not promoted as current. Use the current branch or app instruction and retain the source date. If details changed, follow formal migration or return guidance.
Regulatory information review
An AD bank or payment service can request payer identity, invoice, purpose code, IEC, transaction history or other evidence before credit. A compliance hold is not a request to send again. Submit accurate documents once, preserve the case reference and wait for credit, conversion, rejection or return.
Intermediary deduction or return
International receipts can pass through correspondent, authorised-dealer and recipient banks. They can deduct fees, request information or return value. Reconcile the original amount, provider fee, exchange rate, intermediary deduction, final INR or foreign credit and e-FIRC before correcting the route.
Restricted, closing or disputed
A bank or provider can restrict loads, receipts, exchange, cards or withdrawals independently. Use the named complaint channel, then RBI Integrated Ombudsman or another eligible escalation only after checking jurisdiction and process. Never disguise the customer, payer, source, business or purpose to bypass a restriction.
Decision walkthroughs
Six India currency jobs produce six different checks.
These examples classify sourced products; they are not tax, legal, FEMA, treasury or investment advice.
Exporter with future USD expenses
An ICICI EEFC account may preserve eligible USD earnings temporarily and reduce a convert-then-rebuy cycle for approved commitments. Confirm customer eligibility, purpose, credit source, currency, monthly accrual calculation, outward use and fees. The account is not a reason to hold unrelated foreign assets indefinitely.
Resident with eligible foreign notes
SBI RFC(D) may fit an eligible resident individual with a defined source such as permitted unspent or gifted foreign exchange. Confirm source documents, USD, GBP or EUR availability, current minimum balance, conversion deadline and permitted debit. It has no cheque book, ATM card or interest under the cited product page.
Traveller loading several currencies
Revolut's multicurrency card provides the clearest pocket-based travel path in this set. It requires adult Indian residence and citizenship, passport, PAN, Aadhaar and approval. Compare load purpose, foreign pockets, rate, card fees, overseas acceptance, cash access and bank withdrawal; do not merge it with the INR PPI wallet.
Freelancer wanting automatic INR
Wise can suit an eligible freelancer or business that wants overseas local details, automatic INR conversion, Indian-bank settlement and an e-FIRC. That convenience is not foreign-currency holding. Confirm business type, payer, invoice, purpose, per-transaction limits, fee and final account ownership before sharing details.
Marketplace seller using EEFC
Payoneer may withdraw eligible receipts directly to a local Indian bank or EEFC account. The Payoneer receiving detail remains a non-bank payment route; the bank account is the separate destination. Confirm marketplace, payer, currency, automatic withdrawal, conversion, e-FIRC, EEFC eligibility and complaint path.
Merchant requiring PayPal checkout
PayPal can be appropriate when an overseas buyer requires PayPal, but the India service is international and export oriented, not stored value. Compare merchant eligibility, the current commercial receipt fee, fixed currency fee, conversion, dispute risk, authorised-dealer settlement and the final Indian bank credit.
Approved evidence
Every currency claim keeps its account category and observation date.
RBI permissions, bank products, card terms, receiving details, fees and protection require launch-time and material-change reverification.
ICICI Bank India multicurrency evidence
ICICI Bank is displayed as india ad category i bank eefc multicurrency current account.
- RBI publishes separate lists for scheduled commercial banks, small finance banks and payments banks.
- An app or payment provider is not treated as a bank unless the exact bank entity is supported by an RBI record.
- RBI's 16 January 2025 FAQ keeps EEFC, Resident Foreign Currency Domestic and Resident Foreign Currency accounts as distinct permitted categories with different eligible credits and account purposes.
- A resident individual's ability to open or credit a foreign-currency account depends on the exact source of funds, residential status, account category and authorised-dealer conditions.
- A foreign-currency account permission does not establish universal eligibility, unrestricted long-term holding or a payment-app balance.
- A resident foreign-exchange earner may open an EEFC account with an Authorised Dealer Category I bank in India.
- The account is a non-interest-bearing current account; 100% of eligible foreign-exchange earnings can be credited, but monthly accruals remaining after permitted use and forward commitments must be converted to INR by the end of the succeeding calendar month.
- The scheme is intended to reduce conversion and transaction costs for future forex use, not to create an unrestricted permanent foreign-currency asset.
- ICICI presents its EEFC product as a non-interest-bearing current account for eligible resident foreign-exchange earners and lists 24 available currencies including USD, EUR and GBP.
- The page permits 100% of eligible foreign-exchange earnings to be credited and supports conversion to INR or earmarking for approved future outward commitments.
- Unutilised monthly accruals remain subject to the succeeding-month conversion requirement; eligibility, documentation, currencies, fees, correspondent deductions and individual transactions remain conditional.
- DICGC says eligible savings, fixed, current and recurring deposits at insured banks are within the scheme, while listed exclusions include deposits received outside India and inter-bank or government deposits.
- The current ceiling is INR 500,000 for principal and interest in the same right and capacity across all branches of the same bank.
- An exact foreign-currency account, ownership capacity, valuation and insured-bank status still require confirmation; prepaid cards, PPIs, receiving details and non-bank payment balances do not inherit a bank's deposit label.
State Bank of India India multicurrency evidence
State Bank of India is displayed as india ad bank resident foreign currency domestic current account.
- RBI publishes separate lists for scheduled commercial banks, small finance banks and payments banks.
- An app or payment provider is not treated as a bank unless the exact bank entity is supported by an RBI record.
- RBI's 16 January 2025 FAQ keeps EEFC, Resident Foreign Currency Domestic and Resident Foreign Currency accounts as distinct permitted categories with different eligible credits and account purposes.
- A resident individual's ability to open or credit a foreign-currency account depends on the exact source of funds, residential status, account category and authorised-dealer conditions.
- A foreign-currency account permission does not establish universal eligibility, unrestricted long-term holding or a payment-app balance.
- SBI's product page says an eligible resident individual can open a non-interest-bearing RFC(D) current account in USD, GBP or EUR from defined foreign-currency sources.
- The account has no cheque book or ATM card, and the observed legacy page lists currency-specific minimum balances; those amounts require branch confirmation because the product page says it was last updated in 2022.
- Remaining monthly accruals are subject to conversion to INR by the end of the succeeding month after permitted use and commitments, so this is not unrestricted permanent multicurrency holding.
- DICGC says eligible savings, fixed, current and recurring deposits at insured banks are within the scheme, while listed exclusions include deposits received outside India and inter-bank or government deposits.
- The current ceiling is INR 500,000 for principal and interest in the same right and capacity across all branches of the same bank.
- An exact foreign-currency account, ownership capacity, valuation and insured-bank status still require confirmation; prepaid cards, PPIs, receiving details and non-bank payment balances do not inherit a bank's deposit label.
Revolut India multicurrency evidence
Revolut is displayed as india ad ii multicurrency prepaid forex card with separate inr ppi wallet.
- The agreement is with Revolut Payments India Private Limited, an RBI-authorised PPI issuer.
- The account includes an INR-denominated PPI wallet and requires RBI-compliant KYC; business use is prohibited under these personal terms.
- Wallet funds are described as safeguarded in dedicated escrow accounts with scheduled banks.
- Foreign-currency services may be provided by a separate affiliate and must be assessed separately.
- Revolut Forex India Private Limited is the cited RBI Authorised Dealer Category II entity issuing the prepaid multicurrency forex card; settlements use Authorised Dealer Category I banks.
- The card can carry separate currency pockets and be loaded with eligible foreign exchange, but stored funds are non-interest-bearing and explicitly do not constitute a bank deposit with Revolut.
- The card is for eligible adult Indian resident citizens with an Indian passport, PAN, Aadhaar and completed checks; it cannot be used at merchants or ATMs in India, Nepal or Bhutan or for INR, NPR or BTN transactions.
- The current India help page permits exchange between foreign-currency balances in the multicurrency product.
- INR cannot be exchanged directly through that balance-to-balance action; adding or withdrawing money is the separate path for buying or selling against INR.
- Completed exchanges cannot be cancelled and must be reversed through a new transaction, with the live review screen controlling applicable fees and rate.
- The directions apply to bank and non-bank PPI issuers and system participants.
- They establish the authorisation, regulation and supervision framework for PPIs in India.
- PPI status must not be rewritten as a bank-deposit product.
Wise India multicurrency evidence
Wise is displayed as india cross border business receiving with automatic inr conversion.
- Wise states that inward remittance uses a local bank partner with RBI approval.
- Vaho Forex Private Limited holds an RBI Authorised Dealer Category II licence for limited outward remittance purposes and forex card services.
- Wise Payments India Private Limited is described as in-principle approved as a Payment Aggregator - Cross Border.
- Eligible Indian businesses can receive international client payments through account details in the currently listed currencies.
- Wise explicitly says these account details cannot hold balances or send money: receipts are automatically converted to INR and transferred to the verified Indian bank account.
- The cited flow has a INR 2.5 million per-transaction maximum, a USD 5-equivalent minimum, an e-FIRC process and business-type, identity, bank-account, payer and payment-purpose conditions.
Payoneer India multicurrency evidence
Payoneer is displayed as india business cross border receiving with bank or eefc withdrawal.
- The India page describes business receiving-account details for cross-border payments.
- For customers in India, received funds are automatically withdrawn to a local Indian bank account or EEFC account.
- The product is business-oriented and does not establish a domestic bank-deposit account at Payoneer.
- The India grievance policy identifies Payoneer India Private Limited.
- The page provides India complaint and escalation routes but does not establish bank status.
- Payoneer states that it is not a bank and does not provide traditional or virtual business bank accounts.
- Receiving-account details must not be presented as bank accounts or deposit products.
PayPal India multicurrency evidence
PayPal is displayed as india cross border payment service with authorised dealer bank settlement.
- The agreement is with PayPal Payments Private Limited and is limited to the described India services.
- Export Payment Services facilitate receipt from offshore buyers for credit to an Indian bank account through an authorised dealer bank.
- PayPal states that it is not a bank in India and the services are not stored-value services.
- Indian residency or Indian business eligibility and account verification requirements apply.
- The India schedule was last updated on 28 March 2024 and says India accounts support international payments only.
- It lists 4.40 percent plus the currency fixed fee for receiving international commercial transactions, with separate conversion and dispute-fee rows.
- Standard bank withdrawal is listed without a PayPal fee when no conversion applies; the dated schedule and transaction preview must be rechecked before use.
India foreign-currency regulation and protection evidence
- RBI's 16 January 2025 FAQ keeps EEFC, Resident Foreign Currency Domestic and Resident Foreign Currency accounts as distinct permitted categories with different eligible credits and account purposes.
- A resident individual's ability to open or credit a foreign-currency account depends on the exact source of funds, residential status, account category and authorised-dealer conditions.
- A foreign-currency account permission does not establish universal eligibility, unrestricted long-term holding or a payment-app balance.
- A resident foreign-exchange earner may open an EEFC account with an Authorised Dealer Category I bank in India.
- The account is a non-interest-bearing current account; 100% of eligible foreign-exchange earnings can be credited, but monthly accruals remaining after permitted use and forward commitments must be converted to INR by the end of the succeeding calendar month.
- The scheme is intended to reduce conversion and transaction costs for future forex use, not to create an unrestricted permanent foreign-currency asset.
- DICGC says eligible savings, fixed, current and recurring deposits at insured banks are within the scheme, while listed exclusions include deposits received outside India and inter-bank or government deposits.
- The current ceiling is INR 500,000 for principal and interest in the same right and capacity across all branches of the same bank.
- An exact foreign-currency account, ownership capacity, valuation and insured-bank status still require confirmation; prepaid cards, PPIs, receiving details and non-bank payment balances do not inherit a bank's deposit label.
- The directions apply to bank and non-bank PPI issuers and system participants.
- They establish the authorisation, regulation and supervision framework for PPIs in India.
- PPI status must not be rewritten as a bank-deposit product.
Unavailable or deliberately not inferred
- A universal best multicurrency account, numerical ranking or permanent currency count.
- An unrestricted long-term foreign-currency asset inferred from an EEFC or RFC(D) account.
- A bank deposit or domestic INR account inferred from Revolut's prepaid multicurrency forex card.
- A held balance inferred from Wise, Payoneer or PayPal receiving details and settlement.
- A new INR 500,000 DICGC limit per currency, branch, app screen or receiving detail.
- Current SBI minimum balances, universal bank fees, guaranteed rates, arrival times, correspondent deductions, e-FIRC timing, approval or return outcomes.
- Customer-specific tax, FEMA, accounting, hedging, treasury or investment advice.