BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Rs 2, 00, 000
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Rs 50, 000
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Rs 1, 00, 000
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Rs 10, 000
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Detailed explanation-1: -MTSS also pays in cash, and the maximum cash disbursement limit is Rs 50, 000. The bank gives a cheque or demand draft to the beneficiary for any amount higher than this.
Detailed explanation-2: -Salient features of MTSS: Amounts up to Rs. 50, 000/-may be paid in cash. Any amount exceeding this limit shall be paid by means of cheque / DD /PO etc or credited directly to the beneficiary’s account. Only 30 Transactions per beneficiary are permitted in a calendar year.
Detailed explanation-3: -Amount up to Rs. 50000/-in cash and more than that in Cheque or credited to savings accounts in PO.
Detailed explanation-4: -Money Transfer Service Scheme ( MTSS ) is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India. Only personal remittances such as remittances towards family maintenance and remittances favouring foreign tourists visiting India are permissible.