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Question
What is meant by NEFT? Give any two features of NEFT.
Answer in Brief
Solution
NEFT stands for National Electronic Funds Transfer. This facility is provided by commercial banks to the persons requesting for sending funds from one branch of the bank to another branch of the same bank or different bank. The customer can transfer money from Rupee one to any limit at very nominal charges. These charges are much lesser than sending the funds through a draft.
shaalaa.com
Banking Services with Particular Reference - National Electronic Fund Transfer
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