Fund Transfer / Remittances Banking Awareness Quiz
Dear Aspirants,
Welcome to Mentor for Bank Exams Banking Awareness Quiz
Section. The following quiz covers various topics on Settlement Systems of
India viz., NEFT, RTGS, ECS Credit, ECS Debit, IMPS, AEPS, etc.
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
