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Banking Awareness Quiz for Bank Exams 2021- 19th May

Q1. NRE Account stands for?
(a)Non-Recurring External Account
(b)Non-Resident Entry Account
(c)Non-Resident External Account
(d)Non-Resident Earner Account
(e)None of these

Q2. NRO Account stands for?
(a)Non-Resident Ordinary Account
(b)Non-Resident Order Account
(c)Non-Resident Operating Account
(d)Non-Resident Others Account
(e)None of these

Q3. Which of the following account denominated only in Indian rupees?
(a)NRO
(b)NRE
(c)NRI GIC
(d)Both a & b
(e)None of these

Q4. Select the purpose for which NRO accounts are opened?
(a)To maintain account in foreign currency
(b)To park Indian earnings, like rent, Indian salary, dividends, etc.
(c)To park overseas savings remitted to India
(d)All of these
(e)None of these

Q5. Which of the following account can be held only in the form of Term deposit?
(a)NRO
(b)FCNR
(c)NRE
(d)SNRR
(e)None of these

Q6. FCNR(B) stands for?
(a)Fast Currency Non-Resident (Bank)
(b)Foreign Currency Non-Resident (Bank)
(c)Foreign Currency Non-Resident (Business)
(d)Foreign Country Non-Resident (Bank)
(e)None of these

Q7.Which of the following account/accounts can be maintained in Indian rupees by NRIs?
(a)NRE Account
(b)NRO Account
(c)Both a & b
(d)FCNR (B) Account
(e)None of these

Q8.Interest rates on FCNR (B) deposits in India regulated by RBI based on LIBOR, What is the full form of LIBOR?
(a)London Intrabank Offered Rate
(b)London Interbank Opinion Rate
(c)London Interbank Offered Rate
(d)London Interbank Offered Regulation
(e)None of these

Q9. Which of the following account is freely repatriable?
(a)FCNR (B)
(b)NRE
(c)NRO
(d)Both a & b
(e)None of these

Q10. Select the purpose for which NRE accounts are opened?
(a) To park Indian earnings, like rent, Indian salary, dividends, etc.
(b)To maintain account in foreign currency
(c)To park overseas savings remitted to India
(d)All of these
(e)None of these

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Solutions

                                            Banking Awareness Quiz for Bank Exams 2021- 19th May_50.1

S1.Ans.(c)
Sol. A Non-Resident External (NRE) account is a rupee dominated account opened by an NRI to facilitate deposit of foreign currency earnings.

S2.Ans.(a)
Sol. 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.

S3.Ans.(d)
Sol. NRO, NRE accounts should be denominated in Indian Rupees.

S4.Ans.(b)
Sol. 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.

S5.Ans.(b)
Sol. A FCNR account stands for Foreign Currency Non-Residential Account. It is a term deposit account offered to NRE/NRO account holders and is similar to a regular fixed deposit.

S6.Ans.(b)
Sol. FCNR(B) stands for Foreign Currency Non-Resident (Bank) deposits.

S7.Ans.(c)
Sol. NRE Account, NRO Account can be maintained in Indian rupees by NRIs.

S8.Ans.(c)
Sol. London Interbank Offered Rate is the benchmark for short term interest rates around the world.

S9.Ans.(d)
Sol. NRE account is freely repatriable (Principal and interest earned) while the NRO account has restricted repatriability. You can open an FCNR (B) deposit without limitations. The deposit amount and the interest earned in this account are fully and freely repatriable.

S10.Ans.(c)
Sol. The Non-Resident External (NRE) Account allows you to transfer your foreign earnings easily to India. However, this type of account is rupee dominated and can be opened in the form of Current, Savings, Fixed or Recurring Deposits.

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