Question

List any four features of NEFT. 

Answer 1

1. To participate in the NEFT funds transfer network, a bank branch must be NEFT enabled.
2. Individuals, firms, and companies can use NEFT without a bank account by depositing cash at an NEFT enabled bank branch.
3. To receive funds via NEFT, individuals, firms, or companies must have an account with a NEFT enabled bank branch.
4. If you don't have a bank account, you can only transfer up to ₹ 49,999 via the NEFT system.
5. When using NEFT with a bank account, there are no restrictions on the amount that can be transmitted. 
6. NEFT transfers occur in batches.
7. NEFT cannot receive overseas remittances.