Banking · NEFT System Rules and Regulations
Consider the following statements regarding the operational framework of National Electronic Funds Transfer (NEFT) in India: Statement I: NEFT transactions are processed in hourly batches from 8:00 AM to 7:00 PM on weekdays only. Statement II: There is no minimum or maximum limit on the amount of money that can be transferred using NEFT for a customer, although cash-based remittances are capped at 50,000 Rupees per transaction. Statement III: Under NEFT, if a transaction cannot be credited to the beneficiary's account, the beneficiary bank must return the money to the remitting bank within two hours of batch settlement. Which of the statements given above are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1I, II and III
- 2Only II and III✓
- 3Only I and II
- 4Only I
Correct answer
Only II and III
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