Discussion
Which of the following are the advantages of using the NEFT system?
Advantages:
i) The transaction has legal backing.
ii) Round the clock availability on all days of the year.
iii) Near-real-time funds transfer to the beneficiary account and settlement in a secure manner.
iv) Positive confirmation to the remitter by SMS/e-mail on credit to the beneficiary account.
Answer: A
All four are advantages of NEFT, which is the first option. The transaction has legal backing, the system is available round the clock on every day of the year (NEFT has run 24x7 since December 2019), funds are transferred in a secure manner to the beneficiary account in near real time, and the remitter gets a positive confirmation by SMS or e-mail when the beneficiary account is credited. Since all four hold, the options that leave any of them out are wrong.
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