BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Savings Bank Account
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Deposit Account
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Current Account
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None of the Above
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Detailed explanation-1: -EEFC accounts can be opened, held or maintained only in the form of non-interest bearing current account. 1. A Status Holder Exporter (as defined in EXIM Policy in force) may credit to its EEFC account, all its receipts upto to 100 % in foreign exchange.
Detailed explanation-2: -An EEFC account can be held only in the form of a current account.
Detailed explanation-3: -A ‘Foreign Currency Account’ means an account held or maintained in a currency that is not the currency of India or Bhutan, or Nepal. Any person who is residing in India can open, hold and maintain a foreign account.
Detailed explanation-4: -Available in 17 Currencies: You can open an EEFC account in the following currencies: United States Dollar (USD)
Detailed explanation-5: –(i) There is no restriction on withdrawal in rupees of funds held in an EEFC account. However, the amount withdrawn in rupees shall not be eligible for conversion into foreign currency and for recredit to the account.