BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The minimum amount to be remitted through RTGS is Rs. 2 lakh.
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There is no ceiling for RTGS transactions.
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Transactions are settled in batches
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Inward transactions are free
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Detailed explanation-1: -Detailed Solution. RTGS is not a 24x7 system.
Detailed explanation-2: -NEFT is an electronic fund transfer system in which the transactions received up to a particular time are processed in batches. Contrary to this, in RTGS, the transactions are processed continuously on a transaction-by-transaction basis throughout the day.
Detailed explanation-3: -RTGS transactions involve large amounts of cash, basically only funds above Rs 200, 000 may be transferred using this system. For NEFT, any amount below Rs 200, 000 may be transferred, and this system is generally for smaller value transactions involving smaller amounts of money.
Detailed explanation-4: -The acronym ‘RTGS’ stands for Real Time Gross Settlement, which can be explained as a system where there is continuous and real-time settlement of fund-transfers, individually on a transaction-by-transaction basis (without netting).