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Banking Awareness Quiz

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1. Which of the following is one-to-many electronic fund settlement system?
a. NEFT
b. RTGS
c. ECS Credit
d. ECS Debit

2. What is the full form of NEFT?
a. National Electronic Funds Transfer
b. National Electric Funds Transfer
c. National Electronic Funds Transmission
d. National Electric Funds Transmission

3. What is the significance of ‘Real-time’ in RTGS?
a. Funds will eventually be transmitted to beneficiary account
b. Funds will be settled in batches
c. Funds will be settled as soon as initiated
d. None of the above

4. NEFT settlement is done in –
a. hourly batches
b. real time
c. daily batches
d. none of the above

5. What is the maximum limit of funds transfer through NEFT?
a. Rs. 50,000
b. Rs. 1 lakh
c. Rs. 2 lakh
d. There is no upper limit for NEFT

6. Which of the following is must for NEFT funds transfer?
a. Person who is transferring money has an account
b. Beneficiary / recipient has an account
c. Both (a) and (b)
d. None of the above

7. Walk-in customers can transfer money through NEFT, with a maximum limit of –
a. Rs. 50,000
b. Rs. 1 lakh
c. Rs. 2 lakh
d. There is no such limit

8. If you transfer Rs. 2 lakh through NEFT, then how many transactions will occur?
a. 1 transaction
b. 2 transactions
c. 4 transactions
d. 8 transactions

9. Which of the following funds transfer systems is the fastest?
a. NEFT
b. RTGS
c. IMPS
d. AEPS

10. What is the minimum and maximum transaction limit for RTGS?
a. Rs. 1 lakh, Rs. 1 crore
b. Rs. 2 lakh, no max. limit
c. no min. limit, Rs. 2 lakh
d. no min. limit, no max. limit

 

ANSWER:-

1)c. ECS Credit
2)a. National Electronic Funds Transfer
3)c. Funds will be settled as soon as initiated
4)a. hourly batches
5)d. There is no upper limit for NEFT
6)b. Beneficiary / recipient has an account
7)a. Rs. 50,000
8)c. 4 transactions
9)b. RTGS
10)b. Rs. 2 lakh, no max. limit

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