Topicwise Banking Awareness Quiz – Set 1 – NEFT/RTGS

Hello and welcome to exampundit. Since IBPS PO, Insurance & other Bank PO Exams are nearing, we will be providing regular Topicwise Banking Awareness Quiz for upcoming 2017-2018 Bank Exams.

1. On which year National Electronic Fund Transfer started in India?

(a) 2002

(b) 2004

(c) 2005

(d) 2006

(e) 2003

2. RBI recently changed the NEFT Settlement batches from hourly to half-hourly. At present, how many daily settlement batches are there in NEFT during a Week day?

(a) 24

(b) 23

(c) 12

(d) 11

(e) There is no limit

3. What can be the maximum service charge for RTGS?

(a) ₹25

(b) ₹100

(c) ₹50

(d) ₹55

(e) ₹99

4. If the NEFT transcation fails, the destination banks are required to return the fund to the originating branch within ___________.

(a) 24 Hours

(b) 2 Working days

(c) 72 working ours

(d) 2 hours

(e) 7 working days

5. The RTGS service window for customer’s transactions is available to banks from ______ to _________ on Saturdays for settlement at the RBI end.

(a) 8 am, 2 pm

(b) 9 am, 2 pm

(c) 10 am, 3 pm

(d) 10 am, 2 pm

(e) 8.30 am, 2 pm

6. The minimum amount to be remitted through RTGS is ______.

(a) ₹ 2 lakhs

(b) ₹ 5 lakhs

(c) ₹ 2.5 lakhs

(d) ₹ 1 lakh

(e) No minimum amount

7. Individuals who do not have bank accounts can deposit cash at the NEFT-enabled branch. What is the maximum amount can be transferred through NEFT in such case?

(a) ₹ 1 lakhs

(b) ₹ 75,000

(c) ₹ 25,000

(d) ₹ 40,000

(e) ₹ 50,000

8. Which of the following statements can be cited as the benefit(s) of using NEFT?

(I) The remitter need not send the physical cheque or Demand Draft to the beneficiary.

(II) The beneficiary need not visit his / her bank for depositing the paper instruments.

(III) Remitter can initiate the remittances from his home / place of work using the internet banking also.

(a) Only I

(b) Only II

(c) Only III

(d) Both I & II

(e) All I, II & III

9. The 0 in IFSC Code is placed in the ___ position of the 11 digit IFSC code.

(a) 5^th

(b) 6^th

(c) 7^th

(d) 3^rd

(e) 4^th

10. Suppose you are transferring a sum through NEFT, which of the following step is NOT required in the process?

(a) Name of the beneficiary

(b) IFSC Code

(c) Purpose of the NEFT

(d) Bank Name

(e) Amount to be remitted

Team ExamPundit