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Banking Awareness Quiz – Set 153

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Hello Aspirants,
Welcome to Banking Awareness Quiz in AffairsCloud.com. Here we are creating quiz covering important questions which are common for all the bank exams and other competitive exams.

  1. ________ is an account maintained in foreign currency with an Authorised Dealer Category – I bank.
    A. FCNR
    B. Current Account
    C. SB Account
    D. EEFC
    E. None of these
    D. EEFC
    Explanation:
    Exchange Earners’ Foreign Currency Account (EEFC) is an account maintained in foreign currency with an Authorised Dealer Category – I bank.

  2. A bank authorized to deal in foreign exchange is known as _____
    A. Category – I bank
    B. Category – II bank
    C. Category – III bank
    D. All of these
    E. None of these
    A. Category – I bank
    Explanation:
    A bank authorized to deal in foreign exchange is known as Authorized Dealer Category I Bank.

  3. EEFC is a facility provided to the foreign exchange earners, including exporters, to credit ____ of their foreign exchange earnings to the account.
    A. 75%
    B. 90%
    C. 80%
    D. 100%
    E. None of these
    D. 100%
    Explanation:
    EEFC is a facility provided to the foreign exchange earners, including exporters, to credit 100% of their foreign exchange earnings to the account.

  4. An EEFC account can be held only in the form of a ______
    A. FCNR
    B. Current Account
    C. SB Account
    D. EEFC
    E. None of these
    B. Current Account
    Explanation:
    An EEFC account can be held only in the form of a Current Account.

  5. EEFC account can offer _______ of Interest
    A. 3%
    B. 8%
    C. 10%
    D. 6%
    E. No Interest
    E. No Interest
    Explanation:
    No interest is payable on EEFC accounts.

  6. SEZ Units cannot open ________
    A. Fixed Deposit
    B. Current Account
    C. SB Account
    D. EEFC
    E. None of these
    D. EEFC
    Explanation:
    SEZ Units cannot open EEFC Accounts

  7. Which of the following facility is available for operation of the EEFC account?
    A. DD
    B. Cheque
    C. RD
    D. All of these
    E. None of these
    B. Cheque
    Explanation:
    Cheque facility is available for operation of the EEFC account.

  8. SEZ stands for _____
    A. Special Environment Zone
    B. Super Economic Zone
    C. Super Environment Zone
    D. Special Economic Zone
    E. None of these
    D. Special Economic Zone
    Explanation:
    Special Economic Zone.

  9. What is the maximum restriction on withdrawal in rupees of funds held in an EEFC account?
    A. 1 lakh
    B. 2 lakh
    C. 3 lakh
    D. 5 lakh
    E. No Restriction
    E. No Restriction
    Explanation:
    No restriction on withdrawal in Rupees of funds held in an EEFC account.

  10. In _______ account, the amount withdrawn in Rupees shall not be eligible for conversion into foreign currency.
    A. FCNR
    B. Current Account
    C. SB Account
    D. EEFC
    E. None of these
    D. EEFC
    Explanation:
    The amount withdrawn in Rupees shall not be eligible for conversion into foreign currency and for re-credit to the account.