General Awareness Quiz for ECGC PO & Bank Mains Exams 2021- 9th February

Q1. NRI stands for?
(a)Non-Resident Indian
(b)None Resident Indian
(c)None Resident India
(d)None Rule of India
(e)None of the above

Q2. Which of the following type of account not opened for NRI’s of India by banks?
(a)FCNR(B) Account
(b)NRO Account
(c)NRI Account
(d)NRE Account
(e)None of the above

Q3. NRI cannot repatriate money from?
(a)NRO Bank account
(b)NRE Bank account
(c)NRI PIS account
(d)Permanent account
(e)Temporary account

Q4. Which bank is best for NRI account?
(a)SBI Bank
(b)ICICI Bank
(c)Axis Bank
(d)Kotak Mahindra Bank
(e)All of the above

Q5. Which documents set is required for opening NRE trading and demat account?
(a)PAN Card
(b)Driving License
(c)Foreign passport
(d)Rent agreement
(e)All of these

Q6. PIO stands for?
(a)Person of Indian Origin
(b)Person of International Origin
(c)Person of oversea Indian
(d)Person of Original Indian
(e)None of these

Q7. NRO accounts may be opened / maintained in the form of current, savings, recurring or fixed deposit accounts for the income earned in India by the NRI’s, what is the full form of NRO account?
(a)Non-Resident Order Rupee accounts
(b)Non-Resident Ordinary Rupee account
(c)Non-Residual Ordinary Rupee account
(d)Non-Residing Ordinary Rate account
(e)None of the above

Q8. Which of the following account/accounts can be maintained in Indian rupees by NRIs?
(a)NRE Account
(b)NRO Account
(c)Both A & B
(d)FCNR (B) Account
(e)None of these

Q9. Interest rates on FCNR(B) deposits in India regulated by RBI based on LIBOR, What is the full form of LIBOR?
(a)London Inter Bank Official Rate
(b)London Intra Bank Offered Rate
(c)London Inter Bank Offered Rate
(d)London International Bank Offered Rate
(e)None of these

Q10. What is the best investment for NRI in India?
(a)Fixed Deposit.
(b)Public Provident Fund.
(c)National Pension Scheme
(d)Equity
(e)All of the above

Q11. FATCA full form is
(a)Foreign Account Tax Compliance Act
(b)Foreign Account Trade Compliance Act
(c)Foreign Account Transaction Compliance Act
(d)Foreign Account Temporary Compliance Act
(e)Foreign Account Fix Compliance Act

Q12. What does S stand for in SNRR Account?
(a)Special
(b)Sanction
(c)Subject
(d)Scheme
(e)Special account

Q13. What is the benefit of NRI account?
(a)Interest earned on FCNR deposits
(b)Convenience
(c)Both A and B
(d)Individual Benefit
(e)None of these

Q14. What is the maximum remittance / transfers per financial year can be done through NRO accounts?
(a)RS 1 Million
(b)USD 10 Million
(c)USD 1 Million
(d)Rs 10 Million
(e)Rs 15 Million

Q15. Which of the following account can be opened in a foreign Currency?
(a)NRE Account
(b)FCNR Account
(c)SNRR Account
(d)SEBI
(e)None of these

Solutions

S1.Ans.(a)
Sol. NRI Stand for Non-Resident Indian.

S2.Ans.(b)
Sol. NRO Account type of account not opened for NRI’s of India by banks.

S3.Ans.(b)
Sol. . NRI cannot repatriate money from NRE Bank account.

S4.Ans.(e)
Sol. 10 Best NRE Savings Accounts for NRIs that is SBI Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Bank of Baroda, HDFC bank, Yes bank, City bank, RBL bank.

S5.Ans.(e)
Sol. PAN Card. Overseas Address Proof – Driving License/ Foreign passport /Utility Bills/Bank statement (not more than 2 months old)/Notarized copy of rent agreement/ leave & license agreement/ Sale deed. Photograph of Investor. Proof of respective bank accounts & depository accounts.

S6.Ans.(a)
Sol. PIO stands for Person of Indian Origin.

S7.Ans.(b)
Sol. Non-Resident Ordinary Rupee account, Interest rates offered by banks on NRO deposits cannot be higher than those offered by them on comparable domestic rupee deposits.

S8.Ans.(c)
Sol. NRE Account, NRO Account can be maintained in Indian rupees by NRIs.

S9.Ans.(b)
Sol. London Inter Bank Offered Rate is the benchmark for short term interest rates around the world.

S10.Ans.(e)
Sol This has prompted the non-resident Indians (NRIs) to consider India a viable destination to invest.
Fixed Deposit.
Public Provident Fund.
National Pension Scheme.
Equity.
Mutual Funds.
Real Estate.

S11.Ans.(a)
Sol. The FATCA stand for The Foreign Account Tax Compliance Act (FATCA)generally requires that foreign financial Institutions and certain other non-financial foreign entities report on the foreign assets.

S12.Ans.(b)
Sol. Special Non-Resident Rupee Account (SNRR account).

S13.Ans.(c)
Sol. Interest earned on FCNR deposits are also tax-free in India. Convenience benefits: One more advantage of NRE and NRO Accounts is convenience, most banks allow you to open NRI accounts without visiting the branch in India.

S14.Ans.(b)
Sol. NRIs may remit from the balances held in NRO account an amount not exceeding USD one million per financial year, subject to payment of applicable taxes. The limit of USD 1 million per financial year includes sale proceeds of immovable properties held by NRIs.

S15.Ans.(b)
Sol. In Foreign Currency (Non-Resident) Account , a person can open account in any permitted currency i.e. a foreign currency which is freely convertible.

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