6 Questions
Which of the following is considered a legal tender in a bank account?
Deposited money
What are the tools or instruments used to utilize legal tender for making payments?
Paper order (cheque), Electronic order (NEFT, RTGs, UPIs), Cards
In how many ways can payments be made using the tools/instruments for legal tender?
2 ways: Immediate/spot payment and Deferred (standing order)
Which of the following is an example of an electronic order for utilizing legal tender?
NEFT
What is the term used for a payment made using legal tender that is deferred and scheduled?
Standing order
Which tool/instrument is commonly used for immediate/spot payment using legal tender?
Cards
Test your knowledge of banking instruments and payment methods with this quiz. Explore the different tools such as paper orders, electronic orders, and cards used for making payments, and learn about the two ways of payment - immediate/spot payment and deferred standing order.
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