In which of the following accounts there is no Risk of currency exchange

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	FCNRB
B	NRO
C	NRE
D	None
E	1, 2, 3

Explanation:

Detailed explanation-1: -The FCNR account is meant for those who wish to hold the deposit in a foreign currency of their choice. Presently FCNR(B) deposits can be placed in 6 currencies viz US dollar (USD), Pound sterling (GBP), Japanese Yen (JPY), Euro (EURO), Australian Dollar(AUD) & Canadian Dollar (CAD).

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: -Whereas an NRE account is suitable for users who want to invest their foreign earnings in India and use it to handle expenses in India, an FCNR account is better for NRIs who want to manage their spending and investment-related issues outside of India.

There is 1 question to complete.