BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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10 year
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3 year
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15 year
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None of the above
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Detailed explanation-1: -The Domestic & NRO Rupee Term Deposits can be opened for minimum period of 7 days and maximum up to 10 Years. For NRE Term Deposits, minimum period is 1 Year and maximum up to 10 Years.
Detailed explanation-2: -Minimum period of NRE term deposit is 1 Year and maximum 10 years. In the case of cash certificate, interest accrued on quarterly basis will be added to the principal (reinvestment plan). Premature withdrawal of deposit is permitted.
Detailed explanation-3: -Minimum tenure for NRE FD is 1 year and maximum tenure is 10 years.
Detailed explanation-4: -While there is no restriction on the NRE account limit, only a few specific types of credits are allowed. These include: Inward remittances from other foreign currencies, as permitted by the RBI. Interest accruing on the funds deposited in the account.
Detailed explanation-5: -If the deposit is closed before 12 months from the date of deposit, no interest is payable, and thus no penalty will be charged. This is because the minimum duration of an NRE Fixed Deposit is 1 year.