Question

What is the maximum amount per transaction that can be done through NEFT for cash-based transactions?

• A. Rs 25000
• B. Rs 30000
• C. Rs 50000
• D. No limit

Answer 1

The correct option is C Rs 50000

National Electronic Funds Transfer (NEFT) is a countrywide centralized compensation system own and operate by the Reserve Bank of India (RBI). There is also no boundary on the minimum or maximum amount of money that could be transferred using NEFT. On the other hand, the maximum amount per contract is limited to Rs 50,000 for cash-based remittance within India and also for remittances to Nepal under the Indo-Nepal Remittance Facility Scheme. The money is credited to the beneficiary’s account on the same day or at the most next day in case the memorandum is sent during the last consignment of payment.