Forex Facilities for Individuals (FEFI) Syllabus 2026 + Free PDF

The Forex Facilities for Individuals (FEFI) syllabus is the single most important document you will study before sitting this IIBF certification, because it maps out exactly how foreign-exchange rules under FEMA apply to ordinary residents and Non-Resident Indians. Offered by the Indian Institute of Banking & Finance, the FEFI paper turns a maze of RBI Master Directions into a practical framework you can use at a forex desk, on a relationship-banking floor, or while advising customers on outward remittances and NRI accounts. This guide breaks down the complete Forex Facilities for Individuals syllabus for 2026 module by module, flags the figures that change frequently, and points you to free mock tests, one-liners, notes, and games so your preparation stays current and exam-focused.

What is the Forex Facilities for Individuals (FEFI) certification?

The Forex Facilities for Individuals course is a specialised IIBF programme that builds practical expertise in the forex facilities an individual can use under FEMA, 1999. Where broader banking exams treat foreign exchange as one chapter among many, FEFI zooms in on the individual customer — what a resident can and cannot remit abroad, and the parallel set of rules that govern Non-Resident Indians.

On the resident side, the syllabus covers travel, education, and medical remittances, gifts, and the Liberalised Remittance Scheme. On the non-resident side, it covers NRE, NRO, FCNR(B), and RFC accounts, investment routes, and the rules for repatriation and remittance of assets. The certification is ideal for branch staff, forex officers, relationship managers, and any customer-facing banker who handles remittances, NRI accounts, or travel-related foreign exchange.

Because the content is drawn directly from RBI Master Directions and FEMA regulations, passing FEFI signals to employers that you can serve individual customers correctly and compliantly — a genuinely job-relevant skill rather than abstract theory. You can explore the full Forex Facilities for Individuals course hub on Learning Sessions for chapter notes, classes, and tests aligned to this exact syllabus.

FEFI exam pattern at a glance

The Forex Facilities for Individuals examination is an objective, MCQ-based test delivered through IIBF's online mode. The defining feature is that questions are application- and scenario-oriented: you are typically asked which account or scheme fits a given customer situation, or what compliance is triggered, rather than asked to recall a bare definition.

This means conceptual clarity matters far more than rote memorisation. A candidate who truly understands the resident/non-resident distinction and the current-versus-capital account framework will outscore one who has simply memorised lists. Always confirm the exact number of questions, duration, and passing marks from the latest IIBF examination notification before you register, as the Institute revises these details periodically.

Forex Facilities for Individuals syllabus 2026 — module-wise breakdown

The FEFI syllabus is a single comprehensive paper organised around three academic blocks — facilities for residents, facilities and rules for non-residents, and miscellaneous/operational aspects — followed by the official examination instructions and zonal contacts bundled into the IIBF syllabus document. Here is the complete breakdown.

Modules 1 to 3 carry the academic weight of the Forex Facilities for Individuals syllabus; the remaining entries are official examination instructions and contact details. Read the instruction pages once so nothing on exam day — centre rules, calculator use, or seating discipline — takes you by surprise. You can study these modules topic by topic on the Foreign Exchange Facilities for Individuals subject page.

Recently updated topics in the FEFI syllabus you must not miss

Forex rules for individuals are revised often, and the FEFI paper increasingly tests the latest position rather than older figures. Pay special attention to these frequently revised areas, and always cross-check the exact current numbers against the latest RBI Master Directions or IIBF notification — never rely on a figure from an old PDF.

• LRS limit & TCS on remittances: The per-financial-year LRS ceiling, the Tax Collected at Source (TCS) rates, and the thresholds on outward remittances — with different treatment for education, medical, and other purposes — are revised from time to time. Study the current limit and rate slabs as per the latest released schedule.
• Treatment of overseas card spends under LRS: How international credit/debit card and forex-card usage abroad is counted within the LRS framework has been clarified and adjusted. Verify what currently counts towards the LRS limit and the applicable TCS before answering scenario questions.
• NRI account & remittance-of-assets norms: Repatriation rules and reporting for NRO/NRE balances, and the remittance of assets, are periodically refreshed under FEMA. Confirm the current annual repatriation ceiling from an NRO account and the documentation required.

The four NRI accounts: a comparison every FEFI candidate needs

Module 2 is where most candidates lose marks, because the four non-resident accounts look similar but differ on who can open them, the source of funds, repatriability, and exchange-rate risk. Build this comparison into muscle memory — scenario questions in the Forex Facilities for Individuals syllabus lean on it heavily.

The mental shortcut: NRE and FCNR(B) are for foreign-source income (and are freely repatriable), NRO is for India-source income (with restricted repatriation), and RFC is for a person who has returned to resident status and wants to keep foreign currency in India. Drill these distinctions with the FEFI matching games until they are automatic.

How to prepare for the FEFI exam: a practical study plan

Because the FEFI paper is application-driven, a topic-by-topic approach beats passive reading. Here is a sequence that consistently works for working bankers preparing alongside a job.

1. Week 1 — Master resident facilities (Module 1): Nail the Liberalised Remittance Scheme first — its purpose list, the per-year ceiling, TCS, and travel/education/medical remittances. This is the single highest-yield area of the syllabus.
2. Week 2 — Lock in the NRI framework (Module 2): Memorise the NRE vs NRO vs FCNR(B) vs RFC comparison table above — who can open each, source of funds, repatriability, and exchange-risk treatment.
3. Week 3 — Cover miscellaneous aspects (Module 3): The current-versus-capital account rule, the role of Authorised Dealers, forex cards, TCS, and reporting carry direct, factual marks. These are quick wins.
4. Week 4 — Revise and test: Alternate full-length FEFI mock tests with one-liner revision and matching games so accuracy and speed climb together. Skim the exam-instruction pages once so centre, calculator, and conduct rules are clear before test day.

Throughout, keep the official syllabus PDF open as your checklist and tick off each topic as you finish it. Pair this plan with the related deep-dive on the Liberalised Remittance Scheme for FEFI for the most heavily tested topic, and review the full FEFI guide library for chapter-wise notes.

Quick FEFI one-liners for last-mile revision

Use these rapid-fire one-liners to lock in high-yield concepts the night before the exam. Each one captures a distinction the FEFI paper loves to test.

Common mistakes FEFI candidates make

Most FEFI failures are avoidable. Watch for these traps as you prepare and revise.

• Memorising an outdated LRS limit or TCS rate. These figures change; quoting an old number on a current-affairs-style question costs marks. Always verify against the latest IIBF notification and RBI Master Direction.
• Confusing NRE with NRO. Candidates often credit India-source income (like rent) to an NRE account in scenario questions. India-source income belongs in NRO; NRE is for foreign income.
• Reversing the current/capital account rule. Remember the inversion: current account = generally free, capital account = permitted only if allowed. This single distinction appears in question after question.
• Treating RFC as a non-resident account. RFC is for a returning NRI who has regained resident status — not for a current NRI.
• Skipping the exam-instruction pages. Not knowing the centre-change policy, calculator rule, or the 60-minute no-exit rule can derail an otherwise well-prepared candidate on exam day.

Free FEFI study resources on Learning Sessions

A syllabus is only the starting point — you clear FEFI by practising. The Learning Sessions toolkit is built around this exact syllabus and is free to use.

• Chapter-wise FEFI mock tests — timed, exam-pattern MCQs with instant answers and explanations.
• Matching games — gamified drills that make FEMA terms, account types, and remittance rules stick.
• Detailed notes and downloadable study-material PDFs — topic-by-topic notes you can revise offline.
• Live and recorded concept classes by Ashish Jain covering every forex topic in depth.
• The full FEFI guide library — explainers on LRS, NRI accounts, and more, kept in sync with the latest rules.

For the primary source, you can also refer to the official regulator directly at the Indian Institute of Banking & Finance website and RBI's FEMA Master Directions.

Frequently asked questions

Is the Forex Facilities for Individuals (FEFI) certification worth it?

Yes, particularly for anyone at a branch forex desk or handling NRI customers and outward remittances. FEFI builds directly job-relevant skills and signals forex expertise to employers, making it one of the most practical IIBF certifications for customer-facing bankers. The focused scope also means it is achievable alongside a full-time job.

What are the main topics in the FEFI syllabus?

The academic content spans three modules: forex facilities for resident individuals under FEMA (including the LRS), facilities and regulations for Non-Resident Individuals (NRE, NRO, FCNR(B), and RFC accounts), and miscellaneous aspects such as current-versus-capital account transactions and remittance compliance. The rest of the document covers official examination instructions and zonal contacts.

How is the FEFI exam structured?

It is an objective, MCQ-based online examination with application- and scenario-driven questions rather than pure definition recall. The exact number of questions, duration, and passing marks are set by IIBF and revised periodically, so always confirm them on the official IIBF notification before you register.

How should I keep up with figures like the LRS limit and TCS rates?

Follow RBI Master Directions on FEMA, LRS, and NRI accounts, and use regularly updated FEFI notes and mock tests that reflect the latest limits, TCS rates, and thresholds. Because these numbers change, never rely on an old PDF — confirm the current position before exam day. Our resources are kept synced precisely for this reason.

Which module carries the most weight in FEFI?

Modules 1 and 2 are the highest-yield areas. Module 1 (resident facilities, especially the LRS) and Module 2 (the four NRI accounts) together drive most scenario questions. Mastering the LRS and the NRE/NRO/FCNR(B)/RFC comparison gives you the strongest return on study time.

Do I need prior banking experience to attempt FEFI?

Prior forex exposure helps you relate to the scenarios, but it is not strictly required. The syllabus is self-contained, and with a structured study plan, the comparison tables, mock tests, and one-liners on Learning Sessions, a motivated candidate can build the needed conceptual clarity from scratch.

Start your FEFI preparation today

A clear syllabus is half the battle won. Map the three modules — resident facilities, NRI rules, and miscellaneous aspects — onto your study weeks, lead with the LRS and the four NRI accounts, and lock in the current-versus-capital account distinction. Revise with one-liners and matching games, and back it all with timed mock tests so your speed and accuracy rise together. With a structured plan and consistent practice, the Forex Facilities for Individuals certification is well within your reach — start today, and let Learning Sessions carry you to the finish line.

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