Q48: When a bank opens a Non-Resident Ordinary (NRO) account for a foreign student, what transaction limitations apply pending the verification of the local address?

There are no limitations; the account is fully operational.

Allowing foreign remittances not exceeding USD 1,000 and a cap of rupees fifty thousand on aggregate.

The account can only receive credits, but no debits are allowed.

The account is limited to foreign remittances not exceeding USD 5,000 and an aggregate cap of rupees one lakh.

✅ Correct Answer: B

Pending local address verification, NRO student accounts are capped at USD 1,000 remittance and ₹50,000 aggregate.

These limits are specific data points often asked in RBI KYC Guidelines MCQs.

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