New RBI Grade B 2025 Notification will come Soon! Enroll Here

    Question

    A Non ResidentExternal 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 anaccount 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.

    Practice Next