Question

Which of the following statements is true about NEFT (National Electronic Funds Transfer)?

पर्याय

• Under this Scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme.

• The upper limit for transfer of funds in this scheme is ₹ 1,00,000.

• Funds are transferred instantly when an application is made to this effect by the account holder.

• Funds are transferred 24 hours each day.

Answer 1

Under this Scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme.