Regulation 9 - Types of accounts - Foreign Exchange Management (Foreign Currency Accounts By A Person Resident In India) Regulations, 2000

9. Types of accounts: - A Foreign Currency Account with an authorised dealer in India under these Regulations may be opened, held and maintained - (1) in the form of current or savings or term deposit account in cases where the account holder is an individual, and in the form of current account or term deposit account in all other cases; 1 Provided that the EEFC account referred to in Regulation 4, shall be opened, held or maintained in the form of an account in terms of such directions as may be issued by the Reserve Bank from time to time. (2) singly or jointly in the name of person eligible to open, hold and maintain such account. ************************* Note : 1. Has been substituted vide Notification No. 171/2007 dated 10/12/2007 (w.e.f. 6/10/2007) before it was substituted, vide Notification No. 030/2000 dated 17/11/2000 as Provided that the EEFC Account referred to in Regulation 4, shall be opened, held or maintained in the form of a non-interest bearing current account only; , before it was inserted vide Notification No. 027/2000 dated 14/8/2000 as Provided that the EEFC Account referred to in Regulation 4, shall not be opened, held and maintained in the form of a term deposit account.