NRI Banking

NRO accounts are maintained by NRI for

• converting foreign currency into INR

• Remittance from Aborad

• rupee income from share, interest and rent from India

• All of the above

Which one the following is not a NRI

• Athlete

• Tourist

• Individual stayed more than 182 days in India during the preceding financial year .

• All of the above

Who can be a PIO

• He/she at any time held an Indian passport

• He/she or either of his/her parents or grandparents or great grandparents was born in and permanently resident in India

• He/she is a spouse of a citizen of India or a person of Indian origin covered under

• All of the above

What is rate of TDS in NRI Term Deposit account

• 10%

• 20%

• It is exempted from income tax and wealth tax

• None of the above

What are the valid documents to be obtained from NRI during opening of account

• Copy of passport

• Copy of Visa

• Latest Overseas bank statement in original, latest overseas

  telephone/electricity bill in original as residential proof

• KYC for identification in India

• Only 1,2 and 3

What types of accounts (except loans) a NRE can open

• Saving, Current, Term deposits and Recurring deposits

• Saving, Current, Term deposits

• Saving, Current

• Saving, Term deposits

What will be the status of NRE account on the return of the account holder to India

• NRE accounts should be redesignated as resident accounts

• The funds held in this account may be transferred to RFC accounts

• Either 1 or 2

• None of the above

What is maximum period for which one NRI can open a Term Deposits Account

• 10 year

• 3 year

• 15 year

• None of the above

What is ROI payble to NRI terms deposit closed before 1 year from the date of deposits

• Zero

• As per ROI prevails in that day minus 1% penality

• As per contractual Rate

• None of the above

Loan against NRE Term Deposit can be sanction in

• Indian Rupee

• Foreign currency

• both 1 and 2

• none of the above