Economics · Banking and Financial Systems
Which of the following statements is NOT true regarding the National Electronic Funds Transfer (NEFT) system in India?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1There is no minimum or maximum limit prescribed by the RBI for the amount transferred by individuals.
- 2The service is available only during traditional bank working hours from Monday to Friday.✓
- 3It operates on a Deferred Net Settlement (DNS) basis in half-hourly batches.
- 4It enables electronic transfer of funds between bank accounts across the country.
Correct answer
The service is available only during traditional bank working hours from Monday to Friday.
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