{"id":58715,"date":"2019-09-01T14:58:00","date_gmt":"2019-09-01T09:28:00","guid":{"rendered":"https:\/\/www.practicemock.com\/blog\/?p=58715"},"modified":"2019-09-01T14:58:00","modified_gmt":"2019-09-01T09:28:00","slug":"prepaid-payment-instruments-all-you-need-to-know","status":"publish","type":"post","link":"https:\/\/www.practicemock.com\/blog\/prepaid-payment-instruments-all-you-need-to-know\/","title":{"rendered":"Prepaid Payment Instruments all you Need to Know"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Model Questions for Banking &amp; Other Exams<\/h2>\n\n\n\n<p>1. What does \u2018E\u2019 in acronym \u2018NEFT\u2019 stand for?<\/p>\n\n\n\n<p>a) Economic<\/p>\n\n\n\n<p>b) Electronic<\/p>\n\n\n\n<p>c) Employee<\/p>\n\n\n\n<p>d) Enterprise<\/p>\n\n\n\n<p>e) Equity<\/p>\n\n\n\n<p>Ans: b<\/p>\n\n\n\n<p>Solution:<\/p>\n\n\n\n<p>NEFT stands for \u2018National Electronic Funds Transfer\u2019.&nbsp;<\/p>\n\n\n\n<p>NEFT is a nation-wide payment system facilitating one-to-one funds transfer. There is no limit \u2013 either minimum or maximum \u2013 on the amount of funds that could be transferred using NEFT. However, maximum amount per transaction is limited to Rs. 50,000\/- for cash-based remittances within India and also for remittances to Nepal under the Indo-Nepal Remittance Facility Scheme.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.practicemock.com\/exams\/government\/ssc-cgl\/?refcode=477&amp;utm_source=Blog_Banking%20Abbreviations-%20Important%20for%20SBI%20Clerk%2C%20RBI%20Assistant%2C%20SBI%20Grade%20A_130620_SSCCGLM&amp;utm_medium=Link&amp;utm_campaign=SSCCGLM\"><strong>SSC CGL Free Mock Test- Take it Now!<\/strong><\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.practicemock.com\/blog\/ibps-clerk\/static-gk-download-free-pdfs-for-all-government-banking-exams\/\">Static GK- Download Free PDFs- For All Government, Banking Exams<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p>2. CFMS is a system operated by the RBI to enable operations on current accounts maintained at various offices. What \u201cC\u201d denotes in acronym CFMS?&nbsp;<\/p>\n\n\n\n<p>a) Core<\/p>\n\n\n\n<p>b) Circular<\/p>\n\n\n\n<p>c) Centralised<\/p>\n\n\n\n<p>d) Current<\/p>\n\n\n\n<p>e) Controlling<\/p>\n\n\n\n<p>Ans: c<\/p>\n\n\n\n<p>Solution:<\/p>\n\n\n\n<p>The Centralised Funds Management System (CFMS), is a system set up, operated and maintained by the Reserve Bank of India (hereinafter referred to as the \u2018Bank\u2019) to enable operations on current accounts maintained at various offices of the Bank, through standard message formats in a secure manner.<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p>3. \u2018IFSC\u2019 is an 11-digit alpha-numeric code assigned by RBI to identify every bank branch participating in the payment system uniquely. What is the full form of IFSC?<\/p>\n\n\n\n<p>a) Indian Fiscal System Code<\/p>\n\n\n\n<p>b) Intra-Bank Financial System Code<\/p>\n\n\n\n<p>c) Indian Fiscal Source Code<\/p>\n\n\n\n<p>d) International Financial Source Code<\/p>\n\n\n\n<p>e) Indian Financial System Code<\/p>\n\n\n\n<p>Ans: e<\/p>\n\n\n\n<p>Solution:&nbsp;<\/p>\n\n\n\n<p>The Indian Financial System Code (or IFSC) is an 11-digit alpha-numeric code assigned by the Reserve Bank of India to identify every bank branch participating in the payment system uniquely.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Model Questions for Banking &amp; Other Exams 1. What does \u2018E\u2019 in acronym \u2018NEFT\u2019 stand for? a) Economic b) Electronic c) Employee d) Enterprise e) Equity Ans: b Solution: NEFT stands for \u2018National Electronic Funds Transfer\u2019.&nbsp; NEFT is a nation-wide payment system facilitating one-to-one funds transfer. There is no limit \u2013 either minimum or maximum [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":58718,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[22],"tags":[],"class_list":["post-58715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-insurance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Prepaid Payment Instruments all you Need to Know - Practicemock<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.practicemock.com\/blog\/prepaid-payment-instruments-all-you-need-to-know\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Prepaid Payment Instruments all you Need to Know - Practicemock\" \/>\n<meta property=\"og:description\" content=\"Model Questions for Banking &amp; Other Exams 1. What does \u2018E\u2019 in acronym \u2018NEFT\u2019 stand for? a) Economic b) Electronic c) Employee d) Enterprise e) Equity Ans: b Solution: NEFT stands for \u2018National Electronic Funds Transfer\u2019.&nbsp; NEFT is a nation-wide payment system facilitating one-to-one funds transfer. 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There is no limit \u2013 either minimum or maximum [&hellip;]","og_url":"https:\/\/www.practicemock.com\/blog\/prepaid-payment-instruments-all-you-need-to-know\/","og_site_name":"Practicemock","article_published_time":"2019-09-01T09:28:00+00:00","og_image":[{"width":770,"height":515,"url":"https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2023\/09\/Prepaid-Payment-Instruments-all-you-Need-to-Know-1.png","type":"image\/png"}],"author":"Sweta Singh","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Sweta Singh","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.practicemock.com\/blog\/prepaid-payment-instruments-all-you-need-to-know\/","url":"https:\/\/www.practicemock.com\/blog\/prepaid-payment-instruments-all-you-need-to-know\/","name":"Prepaid Payment Instruments all you Need to Know - Practicemock","isPartOf":{"@id":"https:\/\/www.practicemock.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.practicemock.com\/blog\/prepaid-payment-instruments-all-you-need-to-know\/#primaryimage"},"image":{"@id":"https:\/\/www.practicemock.com\/blog\/prepaid-payment-instruments-all-you-need-to-know\/#primaryimage"},"thumbnailUrl":"https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2023\/09\/Prepaid-Payment-Instruments-all-you-Need-to-Know-1.png","datePublished":"2019-09-01T09:28:00+00:00","author":{"@id":"https:\/\/www.practicemock.com\/blog\/#\/schema\/person\/81478099609dda7c1ff590d77e0eda45"},"breadcrumb":{"@id":"https:\/\/www.practicemock.com\/blog\/prepaid-payment-instruments-all-you-need-to-know\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.practicemock.com\/blog\/prepaid-payment-instruments-all-you-need-to-know\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.practicemock.com\/blog\/prepaid-payment-instruments-all-you-need-to-know\/#primaryimage","url":"https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2023\/09\/Prepaid-Payment-Instruments-all-you-Need-to-Know-1.png","contentUrl":"https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2023\/09\/Prepaid-Payment-Instruments-all-you-Need-to-Know-1.png","width":770,"height":515,"caption":"Prepaid Payment Instruments all you Need to Know"},{"@type":"BreadcrumbList","@id":"https:\/\/www.practicemock.com\/blog\/prepaid-payment-instruments-all-you-need-to-know\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.practicemock.com\/blog\/"},{"@type":"ListItem","position":2,"name":"NABARD Grade A","item":"https:\/\/www.practicemock.com\/blog\/category\/nabard-grade-a\/"},{"@type":"ListItem","position":3,"name":"Prepaid Payment Instruments all you Need to Know"}]},{"@type":"WebSite","@id":"https:\/\/www.practicemock.com\/blog\/#website","url":"https:\/\/www.practicemock.com\/blog\/","name":"Practicemock","description":"Practice | Analyse | Excel","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.practicemock.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.practicemock.com\/blog\/#\/schema\/person\/81478099609dda7c1ff590d77e0eda45","name":"Sweta Singh","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.practicemock.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/b60a00fb7612e91419b4da6dd0046825acb56157c2d61a424b8ea84100716647?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/b60a00fb7612e91419b4da6dd0046825acb56157c2d61a424b8ea84100716647?s=96&d=mm&r=g","caption":"Sweta Singh"},"description":"Hi, I am Sweta Singh (B.Com Honours). I cleared many bank exams time by time but couldn't join because of my passion towards writing. I write blogs to help aspirants prepare for Banking and Insurance exams. These blogs turn out to be a one-stop destination for comprehensive information on some of the biggest competitive exams like SBI PO\/Clerk, IBPS PO\/Clerk, IBPS RRB PO\/Clerk and RBI. My ultimate goal is to provide accurate and easy-to-understand information, covering topics like exam patterns, syllabus, study techniques, and more. Join me on this journey of knowledge!","url":"https:\/\/www.practicemock.com\/blog\/author\/ss8860409gmail-com\/"}]}},"uagb_featured_image_src":{"full":["https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2023\/09\/Prepaid-Payment-Instruments-all-you-Need-to-Know-1.png",770,515,false],"thumbnail":["https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2023\/09\/Prepaid-Payment-Instruments-all-you-Need-to-Know-1.png",150,100,false],"medium":["https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2023\/09\/Prepaid-Payment-Instruments-all-you-Need-to-Know-1.png",300,201,false],"medium_large":["https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2023\/09\/Prepaid-Payment-Instruments-all-you-Need-to-Know-1.png",640,428,false],"large":["https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2023\/09\/Prepaid-Payment-Instruments-all-you-Need-to-Know-1.png",640,428,false],"1536x1536":["https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2023\/09\/Prepaid-Payment-Instruments-all-you-Need-to-Know-1.png",770,515,false],"2048x2048":["https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2023\/09\/Prepaid-Payment-Instruments-all-you-Need-to-Know-1.png",770,515,false],"web-stories-poster-portrait":["https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2023\/09\/Prepaid-Payment-Instruments-all-you-Need-to-Know-1.png",640,428,false],"web-stories-publisher-logo":["https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2023\/09\/Prepaid-Payment-Instruments-all-you-Need-to-Know-1.png",96,64,false],"web-stories-thumbnail":["https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2023\/09\/Prepaid-Payment-Instruments-all-you-Need-to-Know-1.png",150,100,false]},"uagb_author_info":{"display_name":"Sweta Singh","author_link":"https:\/\/www.practicemock.com\/blog\/author\/ss8860409gmail-com\/"},"uagb_comment_info":0,"uagb_excerpt":"Model Questions for Banking &amp; Other Exams 1. What does \u2018E\u2019 in acronym \u2018NEFT\u2019 stand for? a) Economic b) Electronic c) Employee d) Enterprise e) Equity Ans: b Solution: NEFT stands for \u2018National Electronic Funds Transfer\u2019.&nbsp; NEFT is a nation-wide payment system facilitating one-to-one funds transfer. There is no limit \u2013 either minimum or maximum&hellip;","_links":{"self":[{"href":"https:\/\/www.practicemock.com\/blog\/wp-json\/wp\/v2\/posts\/58715","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.practicemock.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.practicemock.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.practicemock.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.practicemock.com\/blog\/wp-json\/wp\/v2\/comments?post=58715"}],"version-history":[{"count":0,"href":"https:\/\/www.practicemock.com\/blog\/wp-json\/wp\/v2\/posts\/58715\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.practicemock.com\/blog\/wp-json\/wp\/v2\/media\/58718"}],"wp:attachment":[{"href":"https:\/\/www.practicemock.com\/blog\/wp-json\/wp\/v2\/media?parent=58715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.practicemock.com\/blog\/wp-json\/wp\/v2\/categories?post=58715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.practicemock.com\/blog\/wp-json\/wp\/v2\/tags?post=58715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}