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GK MCQs Section
Q. Consider the following statements regarding Exchange Earners’ Foreign Currency (EEFC) Accounts:
  1. They are opened with the Reserve Bank of India (RBI)
  2. They earn interest on deposits
  3. They need a minimum balance to be maintained by the account holder
  4. They are non-interest bearing current accounts opened with authorized dealer banks
Which of the above statements is / are correct?
Answer: Only 4
Notes: EEFC accounts are non-interest bearing current accounts maintained by authorized dealer (Category-I) banks following RBI regulations. These do not earn interest and require no minimum balance. Such accounts are not held directly with RBI but through authorized dealers. Therefore, only statement 4 is correct as per current RBI rules.
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