BANKING AFFAIRS

Detailed explanation-1: -The minimum transaction value required under NEFT is one rupee and the maximum transfer limit can vary across banks. For example, the maximum transfer limit for NEFT through IDFC First bank is Rs. 20 lakhs per day and Rs. 10 lakhs per day at ICICI Bank.

Detailed explanation-2: -Post activation of a beneficiary, Rs. 50, 000 (in full or parts) can be transferred for the first 24 hours. An added beneficiary, to whom no funds are transferred for more than 24 months, is treated as a new beneficiary in all respects. A maximum of 7 beneficiaries can be added/modified/deleted in a period of 24 hours.

Detailed explanation-3: -RTGS transactions / transfers have no amount cap set by RBI. The system is available on all days on 24x7x365 basis. There is real time transfer of funds to the beneficiary account.