BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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NRE Account
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NRO Account
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FCNR(B) Account
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Both (A) and C
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Detailed explanation-1: -Political parties These Institutions / Organisations are specifically excluded from opening SB Accounts with Banks and earn interest thereon and hence branches are prohibited from opening such Accounts.
Detailed explanation-2: -Now a Resident Indian can open and maintain a foreign currency account to retain the foreign exchange acquired through various means as given below. Account can be maintained in USD, GBP and EURO currency.
Detailed explanation-3: -3. Savings Bank A/c (SB A/c) can not be opened for business purposes as per RBI directives and hence SB a/c should be used to route transactions of only non-business / non-commercial nature.
Detailed explanation-4: -Deposits can be opened in any one of the foreign currencies viz., US Dollar USD, Euro EUR, Pound Sterling GBP, Australian Dollar AUD, Canadian Dollar CAD, Japanese Yen JPY, Swiss Franc CHF and Singapore Dollar SGD. Deposit accounts cannot be opened/closed by a power of attorney holder.