BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Indian Rupee
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Foreign currency
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both 1 and 2
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none of the above
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Detailed explanation-1: -NRE / FCNR deposit is not permissible.
Detailed explanation-2: -You can avail loan against your Fixed Deposit if your credit score is low, you do not meet the income eligibility criteria, or if you have no other assets to pledge for a secured loan. The interest rate on such loans range between 1% and 2% above the FD rate and can be repaid in up to 60 months.
Detailed explanation-3: -1 Authorised Dealers/ banks in India can grant loans against the security of the funds held in NRE accounts to the account holder/ third party in India, without any limits, subject to the usual margin requirements.
Detailed explanation-4: -Loan against FD (Fixed Deposit) is a type of secured loan where customers can pledge their fixed deposit as security and get a loan in return. The amount of the loan depends on the FD deposit amount. This can go up to 90% – 95% of the deposit amount.