Thursday, April 23, 2015

Day 10 - Questions

Day 10 - Fund Transfer / Remittances

(Settlement Systems of India - NEFT, RTGS, ECS Credit, ECS Debit, IMPS, AEPS, etc.)

Recommended Study links - (Go through these topics before attempting MCQs)

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

11.  What is the current RTGS transaction charge for funds transfer above Rs. 5 lakh (as of April 23, 2015)?
a.  Rs. 30
b.  Rs. 35
c.  Rs. 50
d.  Rs. 55

12.  Which of the following is true regarding ECS Credit?
a.  Single debit on payers account and Single credit in beneficiary account
b.  Multiple debit on payers accounts and Single credit in beneficiary account
c.  Single debit on payers account and Multiple credit in beneficiaries accounts
d.  Multiple debit on payers account and Multiple credit in beneficiary account

13.  Which of the following is the best example of ECS Debit?
a.  Salary payment by employer
b.  Pension
c.  Periodic investments in Mutual Funds
d.  Dividend to shareholders

14.  What is the full form of IMPS?
a.  Immediate Mobile Payment System
b.  Instant Mobile Payment System
c.  Instant Medium Payment System
d.  Immediate Medium Payment System

15.  Which of the following must be linked with Aadhar-card?
a.  NEFT
b.  RTGS
c.  IMPS
d.  AEPS

Note - Do not refer any source while answering the questions. You can comment in the Comment Section below.

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