NEFT Transaction Confirmation Process

What is the primary purpose of the safe deposit locker as per the terms and conditions?

To store valuables such as jewellery

What action can the bank take if the rent for the locker is not paid on time?

Refuse access to the locker

What happens if a hirer tries to use the locker for illegal purposes?

The bank will report it to the police

What is the consequence of defaulting on rent payment after receiving a registered notice?

The bank can break open the locker and auction its contents Signup and view all the answers

What is the purpose of the originating bank sending a confirmation to the originating customer?

To inform the customer about the credit to the beneficiary's account Signup and view all the answers

How can the remitter track an NEFT transaction?

Through the originating bank branch or its CFC using a unique transaction reference number Signup and view all the answers

What are some prerequisites for initiating a funds transfer using NEFT?

Beneficiary details like account number and IFSC should be available with the remitter Signup and view all the answers

What advantage does NEFT offer over physical cheques or Demand Drafts?

Faster processing time Signup and view all the answers

What should banks do if a customer is classified in a higher risk category?

Carry out customer due diligence as per KYC norms applicable to the higher risk category Signup and view all the answers

Why should banks contact locker-hirers if lockers remain un-operated for a certain period?

To encourage locker operations Signup and view all the answers

What did a recent incident involving a bank locker emphasize?

The importance of conducting customer due diligence Signup and view all the answers

Why should banks have a clear procedure for breaking open lockers?

To ensure legal compliance and proper inventory assessment Signup and view all the answers

What is the main characteristic of Mutual Funds?

They pool money from a group of investors to invest in securities Signup and view all the answers

In the context of life insurance products, who is the contract between?

The insurer and the insured Signup and view all the answers

What is the key advantage for banks in selling third party products?

It diversifies the source of income for the bank Signup and view all the answers

What type of insurance does non-life insurance primarily involve?

General insurance Signup and view all the answers

What is the first step for an investor when purchasing securities through a broker?

Purchasing securities at any Stock Exchange connected to Depository Signup and view all the answers

What happens on the pay-out day for the broker in a purchase transaction?

The broker receives credit for securities in his clearing account Signup and view all the answers

What documents does a claimant need to submit for ownership transmission of securities?

TRF supported by death certificate, succession certificate, will etc. Signup and view all the answers

In a sale transaction, what action does the investor take before the pay-in day?

Gives instruction to his DP to credit selling broker’s clearing account Signup and view all the answers