BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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There is no limit on transaction through NEFT
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NEFT operates in hourly batches.
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NEFT is a payment system which facilitates one-to-one funds transfer.
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Only bank branches which are NEFT enabled, can be a part of the NEFT funds transfer network.
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Detailed explanation-1: -UPSC Mains. Q. Which of the following is not true about National Electronic Funds Transfer (NEFT) system? Answer: [B] NEFT operates in hourly batches.
Detailed explanation-2: -10. What are the operating hours of NEFT? Ans: The NEFT system is available round the clock throughout the year on all days, i.e., on 24x7x365 basis. NEFT presently operates in batches on half-hourly intervals throughout the day.
Detailed explanation-3: -NEFT services are available round the clock, even on holidays. However, these services are settled in batches of half an hour. This means that NEFT transactions are settled in 48 hourly batches, every day. The settlement of the first batch of NEFT transactions begins at 12:30 AM and ends at 12:00 AM.
Detailed explanation-4: -Under NEFT, funds are transferred using RBI’s (Reserve Bank of India)NEFT service to the credit account with the other participating. RBI works as the service provider and transfers the credit to the other bank’s account. NEFT operates on a deferred net settlement (DNS) basis which settles transactions in batches.
Detailed explanation-5: -National Electronic Funds Transfer (NEFT) is a payment system that facilitates one-to-one funds transfer. Using NEFT, individuals will electronically transfer cash from an associate bank branch to someone holding an account with the other bank branch, that is taking part in the payment system.