The Letter ‘E’ in EFT Stands for

EFT is a system of transferring money from one bank account directly to another without any paper money changing hands. The letter ‘E’ in EFT stands for

  1. Element
  2. Electronic
  3. Economic
  4. Exchange
Desire Adnan Default Asked on 1st August 2015 in General Knowledge.
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    Electronic

    EFT stands for Electronic Fund Transfer, It is a system of transferring money from one bank account directly to another without any paper money changing hands, either within a single financial institution, through computer-based systems. There are several different types of electronic fund transfer used by the financial institution like as NEFT or RTGS are examples of fund transfer.  You know that Using credit or debit card, online bill payment, Direct debit and Direct deposit is a type of EFT. 

    Monis Rasool Professor Answered on 4th August 2015.
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