List any four features of NEFT.

1.	List any four features of NEFT.
Answer» National Electronic Fund Transfer (NEFT) is a nationwide payment system used in India allowing bank’s customer to transfer fund easily on one to one basis. Under the system of NEFT any individual, firm or corporate can transfer funds electronically to another individual, firm or corporation. This facility is provided by banks across the country and allows remittance to Nepal as well. Features of NEFT • NEFT is a paperless mode of remitting funds intra-bank, interbank, intra-city and intercity. • It is a very fast mode of getting credits into the accounts. An NEFT gets credited to the account after 2 hours on the same day or by the next morning. • NEFT is a cost-effective service as compared to Drafts or Cheques. Banks charge a very nominal fee for sending NEFT to the other accounts. • Banks do not charge any fee for inward credits into the accounts.

Answer»

National Electronic Fund Transfer (NEFT) is a nationwide payment system used in India allowing bank’s customer to transfer fund easily on one to one basis. Under the system of NEFT any individual, firm or corporate can transfer funds electronically to another individual, firm or corporation. This facility is provided by banks across the country and allows remittance to Nepal as well.

Features of NEFT

• NEFT is a paperless mode of remitting funds intra-bank, interbank, intra-city and intercity.

• It is a very fast mode of getting credits into the accounts. An NEFT gets credited to the account after 2 hours on the same day or by the next morning.

• NEFT is a cost-effective service as compared to Drafts or Cheques. Banks charge a very nominal fee for sending NEFT to the other accounts.

• Banks do not charge any fee for inward credits into the accounts.

Discussion

No Comment Found

Related InterviewSolutions

A plant is kept in a dark cupboard for about 48 hours before conducting any experiment on photosynthesis to :(A) Remove starch from the plant. (B) Ensure that starch is not translocated from the leaves. (C) Remove chlorophyll from the leaf of the plant. (D) Remove starch from the experimental leaf.
The producer of Lime Fresh’ tea introduces ‘Buy one Get one’ scheme on all the products of ‘Lime Fresh’. Identify the promotional strategy’ used by the producer. State any one objective that could be met by this strategy.
A stringed musical instrument, such as the sitar,is provided with a number of wires of different thicknesses. explain the reason for this.
Mention whether the following would result in inflow, outflow or no flow of cash :(i) Issue of fully paid Bonus Shares (ii) Cash withdrawn from Bank
State with reason whether the following would result in inflow, outflow or no flow of cash :(i) Charging depreciation on furniture. (ii) Cash withdrawn for bank for office use.
Give four points of anatomical differences between a monocot stem and a dicot stem.
State the conditions required for total internal reflection of light to take place.
State the conditions required for total internal reflection of light to take place.
(i) When does a ray of light falling on a lens pass through it undeviated ? (ii) Which lens can produce a real and inverted image of an object ?
When acoustic resonance takes place a loud sound is heard. Why does this happen ? Explain.