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Banking Awareness is considered to be the high scoring section in any competitive exam. It includes two main portions, current affairs GK and static GK. In this article, we will discuss some really important Banking Awareness topics that are covered in almost all competitive exams. Also, you can download the PDF of lists of different Banking Awareness topics.
In Banking Section, the questions are asked from following topics: History of Banking, banking terms, Marketing of Banking Products, Functions of Banks, Banks and their taglines, schemes, committees related to banking, headquarters of bank, some Banking news related, apps launched by banks, new schemes etc.
In a series of sharing useful study material for upcoming banking exams. Here, we are providing Banking Awareness notes for all banking Exams (IBPS, SBI & Other Banking Exams).
Banking Awareness Study Notes on NRE (Non-Resident External Rupees) Account
The NRE account is an Indian rupee-denominated account, offering complete security. These accounts can be in the form of savings, current, recurring, or fixed deposits. The foreign currency you deposit into the account is converted to INR. You can transfer your funds (Principal & Interest amount) to a foreign account from an NRE account without any complications and restrictions. You need to noted that the amount you deposit into these accounts must be earned outside India.
ELIGIBILITY
An NRI can open and maintain an NRE account which needs to be opened by the NRI personally. A power of attorney can not open an NRE account.
TYPE Of ACCOUNTS
Savings, Current, Recurring Deposit or Fixed Deposits.
MODE OF DEPOSIT
Foreign Exchange transfer from abroad ; transfer from account holder’s or other NRI’s NRE/ FCNR Account held with another bank or by deposit of foreign exchange during NRI’s visit to India.
PERIOD
12 months to 120 months.
JOINT HOLDING
Two or more NRIs can hold joint account.
REPATRIATION
Principal & Interest-both Fully Repatriable.
INTEREST
Rate linked to the LIBOR being notified by Reserve bank of India from time to time Compounded quarterly.
LOANS
Available to account holder as well as third party resident in India.
LOANS IN INDIA-To ACCOUNT HOLDER : For business, investment in shares & securities, purchase of house property for own residential purpose and any other personal purpose subject to a maxi. of INR 10 mn.
