What is the full form of EFT?

Correct option is A

The full form of EFT is Electronic Funds Transfer, a system that allows the electronic movement of money between bank accounts. It facilitates a wide range of financial transactions, including payments and fund transfers, without the need for physical paper-based processes.

Important Key Points:

1. EFT is widely used for NEFT (National Electronic Funds Transfer)and RTGS (Real Time Gross Settlement)in India.
2. It is a secure and efficient method for transferring money.
3. EFT transactions include direct deposits, bill payments, and online shopping payments.
4. It reduces reliance on cash and paper checks.
5. Transactions can occur between accounts within the same bank or across different banks.
6. EFT is governed by various banking standards and regulations to ensure security and accuracy.

Knowledge Booster:

• Electronic Funds Transfer (EFT)is a global term, and specific countries may use unique systems, like ACH (Automated Clearing House) in the USA.