Business Services-2 — OCM STD 11 Commerce — Question
Gujarat BoardEnglish MediumSTD 11 CommerceOCMBusiness Services-23 Marks
Question
Write short note on $NEFT$
✓
Answer
$NEFF$ means National Electronic Fund Transfer. Fund from the bank having membership of $NEFT$ is transferred to the bank holding the membership of $NEFT$.
The branch of the bank holding $NEFT$ membership is known by its $IFSC$ Code which is of eleven digits and in alpha numeric form. Maximum $2$ lacs of rupees are transferred under this system.
Process is carried out as per hour batch, through RBI. In one batch maximum $10$ transactions are carried out. Amount to be deposited takes maximum $48$ hours.
$NEFT$ of less than the amount $Rs. 50,000$ also can be done.
Its advantage is obtained by walk-in customer also. Beneficiary of $NEFT$ is not charged any commission.
Commission is charged from the sender of money.
Need a full question paper?
Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.