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Question
Mr. Rana has to transfer money, but he is unable to go to the bank due to his ill health. He decides to transfer the amount through NEFT.
List any two necessary information Mr. Rana should possess to make this transaction.
Solution
Two necessary pieces of information Mr. Rana should possess to make a NEFT transaction are:
- Beneficiary Details Include the recipient's name, bank account number, and IFSC code (Indian Financial System Code) for their bank branch.
- To initiate the NEFT transfer, Mr. Rana would need to enter his online banking login details.
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