General Knowledge · General Awareness
Which of the following statements regarding the National Electronic Funds Transfer (NEFT) system is correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1NEFT allows unlimited, uncapped cash remittances by walk-in customers at bank branches.
- 2NEFT does not support outward cross-border remittances to any country under any special institutional arrangement.
- 3NEFT can be used to transfer funds between participating bank accounts, irrespective of whether they are individual or corporate accounts.✓
- 4NEFT is exclusively available for transaction settlements between individual savings accounts only.
Correct answer
NEFT can be used to transfer funds between participating bank accounts, irrespective of whether they are individual or corporate accounts.
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