In this post we are going to share MCQs on UPI, MCQs on IMPS, MCQs on RTGS, MCQs on NEFT. These mcqs on RTGS/IMPS/UPI/NEFT are very important for your exam. Let’s see..
MCQs Questions and Answer on UPI
Unified Payment Interface (UPI) was developed by the National Payments Corporation of India (NPCI) and launched by the National Payments Corporation of India in 2016. NPCI is the owner, network operator, service provider, and coordinator of the UPI
Network. It is a platform where customer can add multiple bank’s account registered with same mobile number under single application and perform transactions 24*7. UPI allows you to transfer money between any two parties via smart phone through a payment identifier like virtual address.
The different channels for transferring funds using UPI are:
- Transfer through Virtual Payment Address (VPA)
- Account Number and IFSC
- Mobile Number and MMID
- Aadhaar Number
- Aadhaar Number and IIN
- Collect / Pull money through VPA
- Scan and Pay through UPI QR Code and Bharat QR Code.
1) What does UPI stand for?
A) Unified Payment Interface
B) Universal Payment Interface
C) Unified Payments Integration
D) Universal Payment Integration
Correct Answer: A) Unified Payment Interface
2) Who developed UPI?
A) National Payments Corporation of India (NPCI)
B) Reserve Bank of India (RBI)
C) State Bank of India (SBI)
D) Indian Banks’ Association (IBA)
Correct Answer: A) National Payments Corporation of India (NPCI)
3) In which year was UPI launched in India?
A) 2015
B) 2016
C) 2017
D) 2018
Correct Answer: B) 2016
4) What is the maximum limit for a UPI transaction as of now?
A) ₹10,000
B) ₹20,000
C) ₹50,000
D) ₹1,00,000
Correct Answer: D) ₹1,00,000
5) Which of the following is NOT a feature of UPI?
A) Instant fund transfer
B) Unified platform for multiple bank accounts
C) Physical card for transactions
D) 24/7 availability
Correct Answer: C) Physical card for transactions
6) What is the role of a Virtual Payment Address (VPA) in UPI?
A) It serves as a username for transactions
B) It is used to generate transaction passwords
C) It represents a bank account number
D) It is a code for transaction limits
Correct Answer: A) It serves as a username for transactions
7) What does the UPI PIN (UPI Personal Identification Number) do?
A) It authorizes transactions and ensures security
B) It is used to access customer support
C) It sets the transaction limits
D) It registers a new VPA
Correct Answer: A) It authorizes transactions and ensures security
8) Can UPI transactions be done through SMS?
A) Yes, UPI transactions can be done via SMS
B) No, UPI transactions can only be done through apps and websites
C) UPI transactions are done through email
D) UPI transactions are done through physical bank visits
Correct Answer: B) No, UPI transactions can only be done through apps and websites
9) Can you use more than one UPI application on the same mobile device?
A) No, you can only use one UPI application on a mobile device.
B) Yes, you can use multiple UPI applications on the same mobile device.
C) Yes, but only if the applications are from different banks.
D) No, UPI applications are restricted to only one per mobile device.
Correct Answer: B) Yes, you can use multiple UPI applications on the same mobile device.
10) Which feature is supported by UPI that facilitates bill payments and merchant transactions?
A) UPI QR Code
B) UPI Cash Deposit
C) UPI Withdrawal Slip
D) UPI Cheque
Correct Answer: A) UPI QR Code
11) What is the maximum number of bank accounts that can be linked to a single UPI ID?
A) 2
B) 5
C) 10
D) 15
Correct Answer: B) 5
12) Is there a lower limit for transactions through UPI?
A) Yes, the lower limit is ₹10.
B) Yes, the lower limit is ₹50.
C) No, there is no lower limit for UPI transactions.
D) Yes, the lower limit is ₹100.
Correct Answer: C) No, there is no lower limit for UPI transactions.
13) Are there any additional charges for transactions done using UPI?
A) Yes, there are additional charges for UPI transactions.
B) No, UPI transactions are generally free of additional charges.
C) Yes, but only for transactions over ₹10,000.
D) No, but only for transactions between different banks
14) What is the timing for performing transactions through UPI?
A) 9 am to 5 pm on weekdays
B) 24/7, including weekends and holidays
C) 8 am to 8 pm on weekdays
D) 9 am to 9 pm on weekdays and weekends
Correct Answer: B) 24/7, including weekends and holidays
rTGS MCQs Questions and Answers
The acronym ‘RTGS’ stands for Real Time Gross Settlement, which can be explained as a system where there is continuous and real-time settlement of fund-transfers, individually on a transaction-by-transaction basis (without netting). ‘Real Time‘ means the processing of instructions at the time they are received; ‘Gross Settlement‘ means that the settlement of funds transfer instructions occurs individually.
Essential information that the remitting customer needs to furnish to the bank for making a remittance?
- Amount to be remitted
- The account number to be debited
- Name of the beneficiary bank and branch
- The IFSC number of the receiving branch
- Name of the beneficiary customer
- Account number of the beneficiary customer
- Sender to receiver information, if any
- Sender and Beneficiary Legal Entity Identifier (for eligible transactions)
1) What does RTGS stand for?
A) Real-Time Gross Settlement
B) Rapid Transaction Gross System
C) Real-Time Guaranteed Settlement
D) Rapid Transfer General System
Correct Answer: A) Real-Time Gross Settlement
2) Who maintains the RTGS payments network?
A) State Bank of India
B) National Payments Corporation of India
C) Reserve Bank of India
D) Indian Banks’ Association
Correct Answer: C) Reserve Bank of India
3) In which year did RTGS start in India?
A) 2002
B) 2004
C) 2006
D) 2008
Correct Answer: B) 2004
4) What is the minimum amount that can be remitted through RTGS?
A) ₹50,000
B) ₹1,00,000
C) ₹2,00,000
D) ₹5,00,000
Correct Answer: C) ₹2,00,000
5) What is the maximum amount that can be remitted through RTGS?
A) ₹10 lakhs
B) ₹50 lakhs
C) ₹1 crore
D) No limit
Correct Answer: D) No limit
6) The RTGS service window for customer transactions is available to banks from _______.
A) 9 am to 3 pm during Weekdays
B) 9 am to 4 pm during Weekdays
C) 9 am to 4:30 pm during Weekdays
D) 9 am to 5 pm during Weekdays
Correct Answer: C) 9 am to 4:30 pm during Weekdays
7) What is the transaction charge for RTGS amounts between ₹2 lakhs to ₹5 lakhs?
A) ₹15
B) ₹25
C) ₹30
D) ₹40
Correct Answer: B) ₹25 (+GST)
NEFT MCQs Questions and Answers
National Electronic Funds Transfer (NEFT) is a nation-wide centralised payment system owned and operated by the Reserve Bank of India (RBI).
1) What does NEFT stand for?
A) National Electronic Funds Transfer
B) National Electronic Fund Transfer
C) National Electronic Financial Transfer
D) National Electronic Funds Transaction
Correct Answer: B) National Electronic Fund Transfer
2) What type of payment system is NEFT?
A) Debit-Pull System
B) Credit-Push System
C) Debit-Push System
D) Credit-Pull System
Correct Answer: B) Credit-Push System
3) In which year did NEFT start in India?
A) 2003
B) 2004
C) 2005
D) 2006
Correct Answer: C) 2005
4) Individuals who do not have a bank account (walk-in customers) can also deposit cash at the NEFT-enabled branches up to what amount?
A) ₹10,000 per transaction
B) ₹25,000 per transaction
C) ₹50,000 per transaction
D) ₹1 lakh per transaction
Correct Answer: C) ₹50,000 per transaction
5) What is the limit for Indo-Nepal Remittance Facility Scheme under NEFT?
A) ₹25,000 per transaction
B) ₹30,000 per transaction
C) ₹50,000 per transaction
D) ₹1 lakh per transaction
Correct Answer: C) ₹50,000 per transaction
6) What is the minimum limit for NEFT?
A) ₹10
B) ₹100
C) ₹1,000
D) No limit
Correct Answer: D) No limit
7) What is the maximum limit for NEFT?
A) ₹1 lakh
B) ₹5 lakhs
C) ₹10 lakhs
D) No limit
Correct Answer: D) No limit
IMPS MCQ question and Answer
Immediate Payment Service is a new facility added to Mobile Banking Service. It facilitates funds transfer to an account of the beneficiary with a participating bank, based on beneficiary’s Mobile Number & MMID or Account No & IFSC.
1) What does IMPS stand for?
A) Instant Money Payment Service
B) Immediate Payment Service
C) Instant Monetary Processing System
D) Immediate Money Payment Solution
Correct Answer: B) Immediate Payment Service
2) Who has developed IMPS?
A) Reserve Bank of India
B) National Payments Corporation of India
C) State Bank of India
D) Indian Banks’ Association
Correct Answer: B) National Payments Corporation of India
4) In which year did IMPS start in India?
A) 2008
B) 2010
C) 2012
D) 2014
Correct Answer: B) 2010
5) IMPS is built upon which network?
A) National Electronic Funds Transfer
B) Immediate Payment Switch
C) National Financial Switch
D) Interbank Electronic Transfer
Correct Answer: C) National Financial Switch
6) IMPS can be availed through USSD code ________.
A) *99#
B) *88#
C) *77#
D) *66#
Correct Answer: A) *99#
7) Through which medium(s) can IMPS be availed?
A) Mobile, Internet, ATM, SMS, Branch
B) Mobile, Internet, ATM, SMS, Branch, USSD
C) Mobile, Internet, ATM
D) Mobile, SMS, Branch, USSD
Correct Answer: B) Mobile, Internet, ATM, SMS, Branch, USSD
8) What does MMID stand for?
A) Mobile Money Identifier
B) Money Management Identification
C) Mobile Money ID
D) Money Monitoring Identification
Correct Answer: A) Mobile Money Identifier
9) How long is an MMID?
A) 6 Digits
B) 7 Digits
C) 8 Digits
D) 9 Digits
7 digit