Section 6 in The Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2015
6. Types of accounts.
- Unless otherwise specified in these Regulations, a Foreign Currency Account with an authorized dealer in India under these Regulations may be opened, held and maintained:(a)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:Provided that the EEFC account referred to in Regulation 4 (A), shall be opened, held or maintained in a manner as prescribed by the Reserve Bank from time to time.(b)singly or jointly in the name of person eligible to open, hold and maintain such account.
