For a charged hollow metallic sphere, all excess charge resides on the outer surface. According to Gauss's law, the electric field inside a conductor (or hollow cavity) is:
\[
E = 0 \quad \text{(inside the shell)}
\]
However, the electric potential inside remains constant and equal to the potential on the surface:
\[
V = V_0 \neq 0
\]
This means that although there is no electric field inside, the potential is not zero — it is constant throughout the interior.
% Final Answer Statement
Answer: \( \boxed{\text{(B)} \ E = 0, \ V = V_0} \)