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NRI DEPOSITS, REMITTANCES FACILITIES

Total questions: 37

Worksheet time: 19mins

Name
Class
Date
1.

NRO accounts can be opened in which product

a)

Savings account

b)

Fixed Deposit

c)

Recurring Deposit

d)

All

2.

Currency of deposit for NRO Account

a)

USD

b)

INR

c)

YEN

d)

Euro

3.

Period of NRO deposits

a)

7 days to 10 years

b)

14 days to 20 years

c)

1 year to 5 years

d)

1 year to 10 years

4.

Joint account with Resident is permitted in NRO deposits

a)

Yes

b)

No

c)

Yes, with former or survivor operation

5.

What is the rate of tax on interest income from NRO deposits are taxable

a)

No tax

b)

Flat 30 %

c)

20 % on foreign remittance & 30 % domestic remittance

d)

10 %

6.

Repatriation of fund is allowed in NRO accounts

a)

No

b)

Income like rent, dividend, pension, interest etc in India after tax

c)

Remittance up to USD 1 Million per financial year after tax

d)

Sales proceeds of immovable property up to USD 10 Million after tax

7.

Joint account is permitted in NRE accounts

a)

yes

b)

NO

c)

Yes, with NRI

d)

Yes, with Resident on former and survivor clause

8.

Entire amount in NRE account is freely repatriable

a)

True

b)

False

9.

Currency of deposit in NRE account

a)

INR

b)

USD

c)

EURO

d)

YEN

10.

Currency of deposit in FCNR (B) Account

a)

USD, GBP, YEN

b)

GBP, USD, YEN, EURO, CAN DOLLAR, AUS DOLLAR

c)

YEN,USD, EURO

d)

EURO,GBP , USD, YEN, CAN DOLLAR

11.

Types of accounts that can be opened NRE deposit

a)

Savings Account

b)

Term Deposit

c)

Current Account

d)

RD

e)

All of the above

12.

Type of accounts that can be opened in FCNR (B) deposits

a)

Savings Account

b)

Fixed Deposit

c)

RD

d)

Current account

e)

All the above

13.

Period of Fixed deposit for NRE deposits

a)

7 days to 10 years

b)

1 year to 10 years

c)

1 year to 5 years

d)

14 days to 3 years

14.

Period of Fixed deposit for FCNR (B) deposits

a)

7 days to 10 years

b)

1 year to 10 years

c)

1 year to 5 years

d)

14 days to 3 years

15.

Who can open resident foreign currency account

a)

All residents

b)

NRI

c)

A resident who was a NRI and returned to India

d)

All

16.

Source of funds for Resident foreign currency account

a)

Rent & Dividend

b)

Foreign exchange received as pension / other benefits from employer

c)

Remittance form abroad

d)

All of the above

17.

Who can open Resident Foreign Currency (Domestic) Account

a)

NRI

b)

Residents

c)

Residents who were NRI and returned to INDIA

d)

all

18.

Source of fund for Foreign Currency (Domestic) Deposit

a)

Foreign exchange received as pension

b)

Forex acquired on foreign visit

c)

Honorarium / gift received in Foreign Currency

d)

Unspent foreign currency

19.

Who can open Exchange Earners Foreign Currency Account

a)

NRI

b)

Residents

c)

Foreign exchange earners like exporters who are residents

d)

Foreign exchange earners

20.

Type of account opened by Exchange Earners Foreign Currency Account

a)

Savings Account

b)

Non Interest bearing Current Account

c)

Fixed Deposit

d)

All

21.

Indian student studying abroad can be treated as NRI if

a)

Their stay abroad is more than 182 days

b)

Their intention to stay abroad is for uncertain period

c)

Both

d)

Not treated as NRI

22.

Who among the following is not a NRI

a)

Persons going abroad for Tourism, Pursuing research, Business promotion research

b)

Persons going abroad to receive training / Medical treatment / to participate in sports / cultural events

c)

Indians / persons residing in Nepal, Bhutan, Pakistan, Bangladesh

d)

Crew member of ship / airlines posted in india & those companies registered offices are in India

e)

All of the above

23.

What are the permissible credits in NRE accounts

a)

Proceeds of remittance form overseas to India

b)

Transfer from other NRE, FCNR(B)

c)

Transfer from NRO A/c up to USD 1 million / financial year after tax

d)

All of the above

24.

Loan against NRE Term deposits

a)

Can be sanctioned up to any amount

b)

Cannot be sanctioned

25.

Average quarterly balance to be maintained in Baroda Premium NRE SB account

a)

Rs. 1,00,000

b)

Rs. 25,000

c)

Rs. 50,000

d)

NIl

26.

Minimum deposit amount in Rupee linked Foreign Currency Deposit

a)

USD 1,00,000

b)

USD 10,000

c)

INR 1,00,000

d)

INR 10,000

27.

On maturity of Rupee linked Foreign currency Deposit

a)

Principal + interest will be converted to INR at current rate

b)

Principal +Interest will be converted to INR at Contracted rate

c)

Principal will be converted at contracted rate & Interest at current rate

d)

Principal + Interest will be converted at the highest rate

28.

Minimum Deposit amount in Foreign Currency linked Rupee Deposit (FCLR) Scheme

a)

USD 1,00,000

b)

USD 10,000

c)

INR 1,00,000

d)

INR 10,000

29.

Duration of FCLR deposits

a)

1 year to 5 years

b)

1 year

c)

1 year to 3 years

d)

7 days to 10 years

30.

Time taken for crediting funds to beneficiary account in BOB in Rapid funds 2 India

a)

24 hours

b)

Instant credit

c)

T+ 2 days

d)

T + 1 day

31.

Time taken for crediting funds to beneficiary account in other banks in Rapid funds 2 India

a)

Instant Credit

b)

Same day / 24 hours

c)

T + 1 Day

d)

T + 2 Days

32.

Neither remitter nor Beneficiary needs to have account with us in Rapid funds 2 India

a)

TRUE

b)

FALSE

33.

Baroda Flash Remit, a real time insta account credit facility is in partnership with

a)

UAE Exchange Centre LLC

b)

Western Union Money Transfer

c)

UNimoney

d)

All

34.

Maximum per transaction limit of Baroda Flash Remit is

a)

Rs. 2,00,000

b)

Rs. 1,00,000

c)

Rs. 50,000

d)

Rs. 10,000

35.

Money Transfer Services Scheme (MTSS) of RBI our partner is

a)

UAE exchange centre LLC

b)

Western Union Financial services International USA

c)

Unimony

d)

All

36.

Our bank has made tie up with which of the following Exchange houses in UAE

a)

Al Ansari Exchange LLC, Abu Dhabi, UAE

b)

Lulu International Exchange LLC, Abu Dhabi, UAE

c)

UAE Exchange Centre LLC, Abu Dhabi, UAE

d)

All of the above

37.

Loan against FCNR (B) is permitted

a)

TRUE

b)

FALSE

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