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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Term Deposit Accounts
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Recurring Deposits
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Current Accounts
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Detailed explanation-1: -FCNR deposits are offered for term deposits only and not for current, savings and recurring accounts. FCNR account can be transferred to other NRE accounts before maturity.
Detailed explanation-2: -What is FCNR Account? (FCNR Full Form) FCNR stands for Foreign Currency Non-Resident Account. If you are an NRI and wish to maintain a Fixed Deposit Account in India, you can opt for an FCNR Account that allows you to save money earned overseas in Foreign Currency.
Detailed explanation-3: -FOREIGN CURRENCY (NON-RESIDENT) ACCOUNT (BANKS) SCHEME – FCNR (B) Account 1. Eligibility: (a) NRIs and PIOs are eligible to open and maintain these accounts with an authorised dealer.
Detailed explanation-4: -FCNR stands for Foreign Currency Non Resident Account (Banks) Account Opening. This is a kind of fixed deposit account opened for depositing income earned overseas. The account is held in foreign currency. Account available in a choice of 7 currencies: USD, GBP, JPY, CAD, AUD, SGD, and HKD.
Detailed explanation-5: -What is the tenure for which I can open an FCNR Deposit? You can maintain an FCNR deposit for a tenure ranging from 12 months to 60 months.