IIBF Foreign Exchange Study Material PDF 2026: FEFI Exam Syllabus, Notes & Mock
Searching for reliable IIBF foreign exchange study material for the 2026 exam cycle? You are in the right place. The Certificate Examination in Foreign Exchange Facilities for Individuals (popularly called FEFI) is one of IIBF’s most practical certificate exams for bankers who handle remittances.
NRI customers and FEMA queries at the branch. This guide gives you the verified 2026 exam pattern. The full syllabus, free chapter notes and mock tests, and a clear preparation plan — so your foreign exchange study material search ends here, without touching a single pirated PDF.
What Is the IIBF FEFI Exam?
The official name of the exam is the Certificate Examination in Foreign Exchange Facilities for Individuals, conducted by the Indian Institute of Banking & Finance. Note that IIBF calls it a certificate examination, not a certificate course — there is no mandatory training component, only a single online exam.
The subject is foreign exchange facilities available to individuals under FEMA, 1999. In day-to-day banking terms, that means the rules you apply every time a customer asks about:
- Sending money abroad under the Liberalised Remittance Scheme (LRS) — education fees, family maintenance, overseas investments and travel
- Inward and outward remittances and the documentation behind them
- Accounts and facilities for Non-Resident Indians (NRIs) and the regulations that apply to them
- Foreign currency accounts, rupee accounts of non-residents, and the tax/TDS aspects of these transactions
If you sit at a branch that deals with forex customers — or you want to move into a trade finance or forex role — this certification signals that you actually know the FEMA rulebook. Both members and non-members of IIBF can appear; the minimum eligibility is a pass in the 12th standard examination (or equivalent) in any discipline.
FEFI Exam Pattern 2026
The pattern below is taken from the official Rules & Syllabus 2026 document (dated 06.02.2026) published by IIBF.
| Feature | Details |
|---|---|
| Questions | 120 objective MCQs |
| Duration | 2 hours (120 minutes) |
| Maximum marks | 100 |
| Passing marks | Minimum 50 out of 100 |
| Negative marking | None |
| Mode | Online exam at physical examination centres (centre-based, not remote proctored) |
| Frequency | Half-yearly — 2026-27 dates: 19 July 2026 and 17 January 2027 |
| Medium | English only |
Two things candidates often get wrong: first. FEFI is centre-based — you get an admit letter with a venue, unlike IIBF’s remote-proctored certificate exams. A centre is normally activated when 20 or more candidates opt for it. Second, there is no negative marking, so you should attempt all 120 questions.
FEFI Syllabus 2026
The syllabus is compact — four broad areas under FEMA, 1999:
| Module | What it covers |
|---|---|
| Introduction to FEMA | Framework of the Foreign Exchange Management Act, 1999 — definitions, structure and key concepts |
| Facilities for residents | Facilities available to resident individuals under FEMA, including LRS limits, permitted current and capital account transactions |
| Facilities for non-residents | Facilities available to Non-Resident Individuals and the regulations applicable to them, including NRI account rules |
| Miscellaneous aspects | Inward/outward remittances, foreign currency and rupee accounts, taxation and TDS aspects |
Because the syllabus is regulation-heavy. The questions reward candidates who remember limits, timelines and permitted/prohibited lists precisely — exactly the kind of detail good foreign exchange study material should drill into you.
Free Foreign Exchange Study Material on iibf.store
Here is what you can access free and legally on iibf.store — a genuine alternative to hunting for shady PDF links:
- Chapter-wise study notes — concise, exam-focused notes covering FEMA, LRS, NRI facilities and remittances in the free study section
- One-liner revision sets — rapid-fire fact lists (limits, ceilings, timelines) perfect for last-week revision
- Free mock tests — practice 120-question papers in the real exam format in our test centre
- In-depth topic articles — start with our LRS deep-dive for FEFI and the related treasury and forex market primer
One honest note: IIBF prescribes an official courseware book, Foreign Exchange Facilities for Individuals, and that book is paid. Websites offering it as a free PDF are distributing pirated copies — that is illegal, and such files are frequently outdated or laced with malware. Buy the official book through legitimate channels if you want it, and use our free foreign exchange study material alongside it. For free resources across every IIBF exam, see our IIBF books and free study material hub.
How to Prepare for FEFI
- Weeks 1-2: Read the chapter notes module by module. FEMA definitions and the LRS chapter carry the most weight in branch-level scenarios, so master those first.
- Week 3: Switch to one-liners and build a personal sheet of numbers — LRS limit, account types, TDS thresholds. FEFI questions love exact figures.
- Week 4: Take full-length mock tests on iibf.store/tests. Aim for 65+ consistently; the pass mark is 50, but mocks always run a little kinder than the real paper.
- Exam week: Revise only one-liners and your error log from mocks. With no negative marking, answer everything.
Working bankers typically clear FEFI with 3-4 weeks of steady preparation using structured foreign exchange study material — the syllabus is narrow. So consistency beats cramming.
Fees, Registration and Key Dates
- Exam fee (per attempt): Rs. 1,100 for IIBF members and Rs. 1,600 for non-members, plus convenience charges and taxes as applicable. The same fee applies to every subsequent attempt.
- Late registration: Rs. 100 extra in the 2nd/3rd week of the registration window, and Rs. 200 extra from the 4th week onward.
- Eligibility: Open to members and non-members; minimum qualification is 12th standard pass (any discipline) or equivalent.
- 2026-27 exam dates: 19 July 2026 and 17 January 2027.
- Registration: Apply online at the official Institute website, iibf.org.in. Always confirm the current window and any schedule changes there before paying.
Frequently Asked Questions
Is the FEFI exam online or at a centre?
FEFI is an online exam conducted at physical examination centres — you receive an admit letter with a venue. It is not held in remote-proctored mode, unlike several other IIBF certificate exams.
What are the passing marks for FEFI?
You need a minimum of 50 out of 100 marks. There is no negative marking on the 120 questions.
Can I download the official IIBF book as a free PDF?
No. The official courseware book is a paid publication. Any site offering it as a free download is hosting a pirated copy. Use the free chapter notes, one-liners and mock tests on iibf.store instead — they are legal and kept current.
Who is eligible for the FEFI exam?
Both members and non-members of IIBF who have passed the 12th standard examination in any discipline (or its equivalent) can register.
Is the exam available in Hindi?
No — per the Rules & Syllabus 2026, the medium of the examination is English only.
How many attempts do I get?
There is no attempt cap in the usual sense — you pay the same exam fee for each attempt. The exam is held half-yearly, so plan for the 19 July 2026 or 17 January 2027 sitting.
Start Preparing Today
Everything you need is in one place: structured lessons and PDFs in the FEFI course on iibf.store, free notes in the study section, and exam-pattern mock tests. Combine this foreign exchange study material with a 3-4 week plan and clear the Certificate Examination in Foreign Exchange Facilities for Individuals in your first attempt.
Quick quiz on this topic
5 exam-style questions from our free test bank — check yourself before you move on.
Practice this topic
Take a free mock test, download chapter PDFs, or watch a video class — all included on iibf.store.
Keep reading
