GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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National Electronic Funds Transfer (NEFT) is a nationwide payment system facilitating one-to-one funds transfer. What is the limit on the amount that could be transferred using NEFT?
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Rs. 1 lakh
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Rs. 2 lakh
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Rs. 5 lakh
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No limit
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Explanation:
Detailed explanation-1: -50, 000/-for cash-based remittances.
Detailed explanation-2: -NEFT was introduced in November 2005, and it is a facility provided to bank customers to enable them to transfer funds quickly and securely to one account to another account. It is a nationwide payment system facilitating safe and secure transaction all over the country.
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