Which of the following are the advantages of using the NEFT system?…
2023
Which of the following are the advantages of using the NEFT system? Advantages: i) The transaction has legal backing. ii) Round-the-clock availability on all days of the year. iii) Near-real-time funds transfer to the beneficiary account and settlement in a secure manner. iv) Positive confirmation to the remitter by SMS/e-mail on credit to the beneficiary account.
- A.
i, ii, iii and iv only
- B.
i, ii and iii only
- C.
ii, iii and iv only
- D.
i and ii only
Attempted by 4 students.
Show answer & explanation
Correct answer: A
NEFT has legal backing, is available round the clock, provides near-real-time transfer and secure settlement, and gives positive confirmation to the remitter. Hence all four advantages are correct.