KBC 2021: NEFT stands for (*T&C apply)
a. National Electric Fund Transfer
b. National Electronic Funds Transfer
c. National Electrical Fund Transfer
d. None of the above
Answer: b. National Electronic Funds Transfer
In the NEFT process, the customer needs to fill up an application form providing details of the beneficiary (such as name, bank, branch name, IFSC, account type and account number) and the amount to be remitted. Thereafter, bank-wise remittance messages are forwarded to the destination banks through their pooling centre (NEFT Service Centre).
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