BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Deposits under Foreign Currency Non-Resident (FCNR) scheme can be accepted for a maximum of
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one year
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three year
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five year
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seven year
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Explanation:
Detailed explanation-1: -Features of FCNR accounts The money will continue to be maintained in the NRI’s preferred choice of currency amongst those approved by RBI. Term Deposit Account: FCNR is not a Savings but a Term Deposit Account. It has a minimum tenure of one year and a maximum tenure of five years.
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