Banking Awareness Quiz for Bank Exams 2021- 22nd May

Q1. What is the full form of NEFT?
(a)National Electronic Folio Transfer
(b)National Equity Funds Transfer
(c)National Electronic Funds Transfer
(d)National Easy Funds Transfer
(e)None of these

Q2. What is the full form of RTGS?
(a)Real Time Gross Settlement
(b)Real Time Grand Settlement
(c)Real Transfer Gross Settlement
(d)Real Time Goods Settlement
(e)None of these

Q3. Which one is not the means of electronic fund transfer from one bank to another?
(a)RTGS
(b)NPA
(c)NEFT
(d)IMPS
(e)None of these

Q4. What is the full form of UPI?
(a)Unique Payments Interface
(b)Unified Process Interface
(c)United Payments Interface
(d)Unified Payments Interface
(e)None of these

Q5. The use of IMPS is…………….
(a)Fixed Deposits
(b)Fund Transfer
(c)Opening Current Account
(d)Provide Loans
(e)All of these

Q6. What is the minimum limit for an RTGS transaction?
(a)Rs. 2 Lakhs
(b)Rs. 1 Lakhs
(c)Rs. 3 Lakhs
(d)Rs. 4 Lakhs
(e)None of these

Q7. A Unified Payments Interface is a real-time payment system that allows transactions to be done through any Smartphone using VPA. VPA stands for……….
(a)Virtual Payment Admin
(b)Virtual Process Address
(c)Virtual Payment Address
(d)Virtual Payment Activation
(e)None of these

Q8.When National Electronic Fund Transfer (NEFT) started in India?
(a)1999
(b)2001
(c)2009
(d)2005
(e)None of these

Q9.In UPI, We can send money to any bank account through mobile without entering………………….
(a)Net banking password
(b)Receiver’s account number
(c)Debit card details
(d)All of these
(e)None of these

Q10. NEFT is an electronic funds transfer system, which facilitates direct one-to-one payments across the country. Which of the following is not mandatory for NEFT transaction?
(a)IFSC Code
(b)Recipient’s bank account number
(c)Recipient’s bank account name
(d)MICR Code
(e)None of these

Practice More Questions of Banking Awareness for Competitive Exams:

Banking Awareness for Competitive Exams
Banking Awareness Quiz for Bank Exams 2021- 21st May
Banking Awareness Quiz for Bank Exams 2021- 20th May
Banking Awareness Quiz for Bank Exams 2021- 13th May

Solutions

                                           

S1.Ans.(c)
Sol. National Electronic Funds Transfer (NEFT) is an Indian system of electronic transfer of money from one bank to another.

S2.Ans.(a)
Sol. Real Time Gross Settlement, abbreviated as RTGS systems are specialist funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a “real-time” and on a “gross” basis.

S3.Ans.(b)
Sol. Different means of electronic fund transfer from one bank to another are NEFT, RTGS, IMPS, UPI.

S4.Ans.(d)
Sol. Unified Payments Interface (UPI) is an instant payment system developed by the National Payments Corporation of India (NPCI), an RBI regulated entity.

S5.Ans.(b)
Sol. ‘IMPS’ is an acronym for Immediate Payment Service. It is a 24 x 7 electronic fund transfer service which carries out the transaction between two bank accounts immediately and in real-time.

S6.Ans.(a)
Sol. The minimum amount for RTGS transaction is Rs 2 lakhs.

S7.Ans.(c)
Sol. A Virtual Payment Address (VPA) is a unique identifier that helps UPI to track a person’s account. It acts as an ID independent of your bank account number and other details. VPA can be used to make and request payments through a UPI-enabled app.

S8.Ans.(d)
Sol. Started in November 2005, the setup was established and maintained by Institute for Development and Research in Banking Technology. NEFT enables bank customers in India to transfer funds between any two NEFT-enabled bank accounts on a one-to-one basis.

S9.Ans.(d)
Sol. Send money up to Rs 1 lakh to any bank account through your mobile without entering debit/credit card details, netbanking/wallet password or even knowing the receiver’s account number.

S10.Ans.(d)
Sol. The customer fills an application form providing details of the beneficiary (like name, bank, branch name, IFSC, account type and account number) and the amount to be remitted.

Click Here to Register for Bank Exams 2021 Preparation Material

Download Upcoming Government Exam Calendar 2021

×

Download success!

Thanks for downloading the guide. For similar guides, free study material, quizzes, videos and job alerts you can download the Adda247 app from play store.

Thank You, Your details have been submitted we will get back to you.
Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizes
  • Subject-Wise Quizes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Login

OR

Forgot Password?

Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizes
  • Subject-Wise Quizes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Sign Up

OR
Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizes
  • Subject-Wise Quizes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Forgot Password

Enter the email address associated with your account, and we'll email you an OTP to verify it's you.


Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizes
  • Subject-Wise Quizes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Enter OTP

Please enter the OTP sent to
/6


Did not recive OTP?

Resend in 60s

Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizes
  • Subject-Wise Quizes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Change Password



Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizes
  • Subject-Wise Quizes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Almost there

Please enter your phone no. to proceed
+91

Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizes
  • Subject-Wise Quizes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Enter OTP

Please enter the OTP sent to Edit Number


Did not recive OTP?

Resend 60

By skipping this step you will not recieve any free content avalaible on adda247, also you will miss onto notification and job alerts

Are you sure you want to skip this step?

By skipping this step you will not recieve any free content avalaible on adda247, also you will miss onto notification and job alerts

Are you sure you want to skip this step?