Multiple choice

NEFT stands for

  1. Non-Electonic Fund Transfer

  2. National electronic funds transfer

  3. National Electronic Finance Transfer

  4. None of these

Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

NEFT enables funds transfer from one bank to another but works a bit differently than RTGS since the settlement takes place in batches rather than individually, making NEFT slower than RTGS