BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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mandate given by the close relative(s) of the depositor, to settle the death claim in case of death of the depositor
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mandate decided by the bank to settle the death claim of its depositor
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mandate of the depositor in favour of one or more persons, to claim the amount on death of the depositor
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mandate of the depositor in favour of a close relative who can claim the amount on death of the depositor
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Detailed explanation-1: -What is Nominee in Bank? A nominee in bank means, as already mentioned, is someone who has been designated in the bank application as the person who would receive the proceeds of the account in the case of unexpected death. Anyone that the applicant considers to be the first relative could be mentioned.
Detailed explanation-2: -MCQ: What does ‘Nomination’ for a deposit account in the bank mean? Mandate given by the close relatives of the depositor to settle the death claim in case of death of the depositor.
Detailed explanation-3: -The Process. After notifying the bank about the death, the bank will check for survivor/ nomination clauses. And if there is one, it will ask the nominee to settle the account, provided they have a death certificate and submitted a death claim application.
Detailed explanation-4: -A nomination can be made only in respect of a deposit account which is held in the individual capacity of the depositor, and not in any representative capacity such as the holder of an office like Director of a Company, Secretary of an Association, Partner of a firm, or Karta of an HUF.