Hello Aspirants,
Welcome to Banking Awareness Quiz in AffairsCloud.com. Here we are creating quiz covering important questions which are common for all the bank exams and other competitive exams.
- NEFT is an electronic fund transfer system that operates on a _________ basis which settles transactions in batches.
A. Domain Net Settlement (DNS)
B. Defined Net Settlement (DNS)
C. Declared Net Settlement (DNS)
D. Deferred Net Settlement (DNS)
Answer & Explanation
D. Deferred Net Settlement (DNS)
Explanation:
NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches. In DNS, the settlement takes place with all transactions received till the particular cut-off time. These transactions are netted (payable and receivables) in NEFT. - In National Electronic Funds Transfer (NEFT) maximum amount per transaction is limited to ________
A. Rs.75000
B. Rs.50000
C. Rs.80000
D. Rs.90000
Answer & Explanation
B. Rs.50000
Explanation:
No. There is no limit – either minimum or maximum – on the amount of funds that could be transferred using NEFT. However, maximum amount per transaction is limited to Rs.50,000/- for cash-based remittances within India and also for remittances to Nepal under the Indo-Nepal Remittance Facility Scheme. - The NEFT system facilitates ____cross-border transfer of funds from India to Nepal which is known as the Indo-Nepal Remittance Facility Scheme.
A. One Way
B. Two Way
C. Multi way
D. None of the Above
Answer & Explanation
A. One Way
Explanation:
The NEFT system also facilitates one-way cross-border transfer of funds from India to Nepal. This is known as the Indo-Nepal Remittance Facility Scheme. A remitter can transfer funds from any of the NEFT-enabled branches in to Nepal, irrespective of whether the beneficiary in Nepal maintains an account with a bank branch in Nepal or not. The beneficiary would receive funds in Nepalese Rupees. - What is the charge of Inward transactions at destination bank branches in NEFT?
A. Rs.1
B. Rs.1.50
C. Rs.2
D. No Charge
Answer & Explanation
D. No Charge
Explanation:
Inward transactions – Free, no charge to be levied. - The beneficiary can expect to get credit for the NEFT transactions within ______business hours.
A. 2
B. 3
C. 1
D. None of the Above
Answer & Explanation
A. 2
Explanation:
The beneficiary can expect to get credit for the NEFT transactions within two business hours (currently NEFT business hours is from morning 8 AM to evening 7 PM on all week days and from morning 8 AM to afternoon 1 PM on Saturdays) from the batch in which the transaction was settled. - NEFT operates in hourly batches and there are _______ settlements from 8 am to 7 pm on week days.
A. 3
B. 6
C. 8
D. 12
Answer & Explanation
D. 12
Explanation:
NEFT operates in hourly batches – there are twelve settlements from 8 am to 7 pm on week days (Monday through Friday) and six settlements from 8 am to 1 pm on Saturdays. - The first 4 alpha characters in the 11 digit IFSC code represents ________
A. Bank Name
B. Branch Name
C. Place Name
D. None of the Above
Answer & Explanation
A. Bank Name
Explanation:
The Indian Financial System Code (IFS Code or IFSC) is an 11-character code with the first four alphabetic characters representing the bank name, and the last six characters(usually numeric, but can be alphabetic) representing the branch. The fifth character is 0 (zero). - In NEFT What is the charge for transactions up to Rs 10,000?
A. not exceeding Rs 2.50 (+ Service Tax)
B. not exceeding Rs 5 (+ Service Tax)
C. not exceeding Rs 15 (+ Service Tax)
D. None of the Above
Answer & Explanation
A. not exceeding Rs 2.50 (+ Service Tax)
Explanation:
Outward transactions at originating bank branches – charges applicable for the remitter
For transactions up to Rs 10,000 : not exceeding Rs 2.50 (+ Service Tax) - In NEFT, What is the charge for transactions above Rs 10,000 upto Rs.1 lakh?
A. not exceeding Rs 2.50 (+ Service Tax)
B. not exceeding Rs 5 (+ Service Tax)
C. not exceeding Rs 15 (+ Service Tax)
D. None of the Above
Answer & Explanation
B. not exceeding Rs 5 (+ Service Tax)
Explanation:
Outward transactions at originating bank branches – charges applicable for the remitter
For transactions above Rs 10,000 up to Rs 1 lakh: not exceeding Rs 5 (+ Service Tax) - In NEFT What is the charge for transactions above Rs 1 lakh and upto Rs.2 lakh?
A. not exceeding Rs 2.50 (+ Service Tax)
B. not exceeding Rs 5 (+ Service Tax)
C. not exceeding Rs 15 (+ Service Tax)
D. None of the Above
Answer & Explanation
C. not exceeding Rs 15 (+ Service Tax)
Explanation:
Outward transactions at originating bank branches – charges applicable for the remitter
For transactions above Rs 1 lakh and up to Rs 2 lakhs: not exceeding Rs 15 (+ Service Tax)
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