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Uday Agrawal

· started a discussion

· 1 Months ago

doubt (Question: 112990.0 )

describe in brief about F.C.N.R account

Question:
In how many currencies can an FCNR Account be opened?
Options:
A) Five
B) Six
C) Seven
D) Eight
E) Nine
Solution:
FCNR Account can be opened in six designated currencies – US Dollar, Great Britain Pound, Euro, Japanese Yen, Canadian Dollar and Australian Dollar.

Knowledge Expert

· commented

· 1 Months ago

An FCNR(Foreign Currency Non Residential) account is a term deposit account that can be maintained by NRIs(Non-Resident Indian) and PIOs(Persons of Indian Origin) in foreign currency. Thus, FCNRs are not savings accounts but fixed deposit accounts.
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