Q. Which among the following are the features of Exchange Earners’ Foreign Currency Accounts:

1. They are opened with RBI
2. They Earn interests on deposits
3. They need a minimum balance to be maintained by the account holder

Choose the correct options:
Answer: None of them
Notes: Exchange Earners' Foreign Currency (EEFC) Accounts are special accounts in India that allow residents to hold foreign currency. 1. Opened with RBI: EEFC accounts are not directly opened with the Reserve Bank of India (RBI) but are maintained with authorized banks. 2. Earn interest: These accounts do earn interest on deposits, but the rate is typically lower than domestic currency accounts. 3. Minimum balance: There is no mandatory minimum balance requirement for EEFC accounts, making them flexible for account holders. Thus, the correct answer is "None of them" as none of the statements are entirely accurate.

This question is part of 40000+ General Studies MCQ Series Course on GKToday Android app. Question Number: 54 in 37. Banking, Finance and Insurance Sectors in above course in App.