Banking · NRI Operational Regulations

Analyze the following statements concerning the operational and compliance framework for NRI banking transactions: Statement 1: A copy of the passport and a valid visa/work permit are mandatory to establish non-resident status for opening an NRI account. Statement 2: The 'At-par' cheque facility allows NRE account holders' cheques to be cleared at any branch of that bank in India without additional charges. Statement 3: NRIs are allowed to contribute to both Tier-I and Tier-II accounts of the National Pension System (NPS). Statement 4: Under the Portfolio Investment Scheme (PIS), NRIs are permitted to trade in exchange-traded index options without restrictions. Statement 5: A resident Indian can be a joint holder in an NRE account only on a 'Former or Survivor' basis, where the NRI is the 'Former'. Statement 6: In the case of a non-resident nominee in an NRO account, the funds are freely and fully repatriable without any regulatory limits. Statement 7: Banks must submit a monthly return called 'FET-ERS' to the RBI detailing foreign exchange transactions. Which of the following evaluations of these statements is correct?