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RBI enhanced scope of Special Non-Resident Rupee (SNRR) accounts. What is the maximum tenure of an SNRR account?

1. 11 years
2. 12 years
3. 5 years
4. 7 years

Correct answer: 7 years

Solution

RBI's SNRR account is a non-interest-bearing account opened by persons residing outside India for bonafide business transactions. Maximum tenure = 7 years, renewable. It's maintained in Indian Rupees and is non-repatriable.

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