An Ordinary Non-Resident Account (NRO) can be opened

Q: Answer-An Ordinary Non-Resident Account (NRO) can be opened with:

An NRO current savings account can be opened by any person resident outside India with inward remittances from outside India, legitimate dues in India and transfers from other NRO accounts are permissible credits to NRO account. When a resident Indian becomes a person resident outside India, his existing resident account should be designated as NRO account.

with:

A Proceeds of foreign inward remittance Correct Answer Incorrect Answer

B Conversion of existing resident account Correct Answer Incorrect Answer

C transfer from another NRO account Correct Answer Incorrect Answer

D All the above Correct Answer Incorrect Answer

E None of the above Correct Answer Incorrect Answer

Solution

An NRO (current/ savings) account can be opened by any person resident outside India with inward remittances from outside India, legitimate dues in India and transfers from other NRO accounts are permissible credits to NRO account. When a resident Indian becomes a person resident outside India, his existing resident account should be designated as NRO account.

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Relevant for Exams:

Union Bank of India SO

Bank of Maharashtra (Forex Officer)

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