NEFT is a nation-wide funds transfer system which facilitates fund transfer from any banks branch to any other banks branch. NEFT stands for

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

NEFT is a nation-wide funds transfer system which facilitates fund transfer from any bank’s branch to any other bank’s branch. NEFT stands for

A	Nominal Electronic Funds Transfer
B	National Essential Funds Transfer
C	National Electronic Financial Transfer
D	National Electronic Funds Transfer

Explanation:

Detailed explanation-1: -The National Electronic Fund Transfer (NEFT) is a payment platform which is used nationwide by many banks. This allows the easy and hassle-free transfer of money from one bank account to another bank account.

Detailed explanation-2: -Ans: National Electronic Funds Transfer (NEFT) is a nation-wide centralised payment system owned and operated by the Reserve Bank of India (RBI).

Detailed explanation-3: -National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer.

Detailed explanation-4: -NATIONAL ELECTRONIC FUNDS TRANSFER (NEFT) NEFT is an electronic payment system developed by RBI to facilitate transfer of funds by customers from one bank to another bank in India. It is a secured, economical, reliable and efficient system of funds transfer between banks.

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