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    Question

    A Non Resident External Rupee(NRE) account can be

    opened by any individual residing outside India. Which of the following facility is not attached to NRE accounts?
    A KYC norms are not applicable on NRE accounts. Correct Answer Incorrect Answer
    B The interest earned by NRE account holders is not taxable in India. Correct Answer Incorrect Answer
    C Loans in foreign countries can be availed by an NRI through these accounts. Correct Answer Incorrect Answer
    D Transfer of funds across borders with no cost of transfer Correct Answer Incorrect Answer
    E None is true. Correct Answer Incorrect Answer

    Solution

    Non Resident External account   can be defined as an account   that allows transfer or conversion of Indian currency across borders in an effective manner and is also equipped with options to avail various types of saving schemes in India.

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