Hello and welcome to exampundit. Today we are sharing the most important Banking Awareness Expected Questions on National Electronic Fund Transfer (NEFT). These includes all the features of NEFT including IFSC Code.
Expected Questions on National Electronic Fund Transfer(NEFT)
- What does NEFT stands for? – National Electronic Fund Transfer
- What type of payment system is NEFT? – Credit-Push System
- In which year NEFT started in India? – 2005
- Individuals who do not have a bank account (walk-in customers) can also deposit cash at the NEFT-enabled branches upto what amount? – ₹50,000 per transaction
- What is the limit for Indo-Nepal Remittance Facility Scheme under NEFT? – ₹50,000 per transaction
- What is the minimum limit for NEFT? – No limit
- What is the maximum limit for NEFT? – No Limit
- Settlements of fund transfer requests in NEFT system is done on _____. – Half-hourly basis
- How many half-hourly NEFT settlement batches are there in a working day? – 23
- What are the operating hours of NEFT? – 8am to 7pm
- What does IFSC stands for? – Indian Financial System Code
- How long is the Indian Financial System Code? – 11 Digit Alpha-Numeric Code
- What does the first 4 characters represent in Indian Financial System Code? – Representing Bank
- Which character is the 0 in Indian Financial System Code? – 5th
- Which characters represent the bank branch code in Indian Financial System Code? – last 6 characters
- What is the maximum charges for NEFT? – ₹25
- ₹25 is the maximum charges for NEFT for transactions over ______. – ₹2 lakhs
Get the other Expected Banking Awareness Questions from here.
All the best.