BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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2 lacs
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5 lacs
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No upper limit is prescribed
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50 lacs
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Detailed explanation-1: -Ans. The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is ₹ 2, 00, 000/-with no upper or maximum ceiling.
Detailed explanation-2: -Different banks may have different NEFT limits based on retail or third-party transactions. You can transfer a maximum amount of INR 50, 000 for cash transactions at bank branches. The RBI has not specified a limit on the number of cash transactions you can make.
Detailed explanation-3: -This could happen for a number of reasons, including inaccurate beneficiary account information, a locked account, an incorrectly typed IFSC code, etc. If an RTGS transaction debits money from your account, that money will be returned to you within an hour or before the RTGS closure time, whichever comes first.
Detailed explanation-4: -There is no upper limit set by the RBI for RTGS transactions. For example, the maximum transfer amount is Rs. 20 lakhs per day at IDFC First Bank and a maximum of Rs. 10 lakhs can be transferred through ICICI Bank under RTGS.