BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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

Which of the following is a bank account opened by NRI to deposit income mainly generated from an Indian source?

A	NRI
B	NRP
C	NRO
D	FCNR

Explanation:

Detailed explanation-1: -What is an NRO Account? A Non-Resident Ordinary (NRO) Account is a popular way for many Non-Resident Indians (NRIs) to manage their deposits or income earned in India such as dividends, pension, rent, etc. This account allows you to receive funds in either Indian or foreign currency.

Detailed explanation-2: -Answer: An NRO (current/ savings) account can be opened by a foreign national of non-Indian origin visiting India, with funds remitted from outside India through banking channel or by sale of foreign exchange brought by him to India.

Detailed explanation-3: -Here are the types of bank accounts an NRI can open in India: Non-Resident (External) Rupee Account (NRE account) Non-Resident (Ordinary) Rupee Account (NRO account) Foreign Currency (Non-Resident) Account (FCNR account)

Detailed explanation-4: -FCNR is an account that allows you to save money earned overseas in a foreign currency in a term deposit. As an NRI, you can open your NRE, NRO and FCNR account online.

There is 1 question to complete.