GK
BANKING AWARENESS AND SEBI
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
on death of the sole depositor, the amount will be returned to the nominee
|
|
|
on death of the sole depositor /all depositors, the amount will be returned to the nominee after further legal formality.
|
|
|
on death of the sole depositor / all depositors, the amount will be returned to the nominee without any further legal formality.
|
|
|
none of these
|
Detailed explanation-1: -Though the word “vest” is not used in Sub-section (2) of Section 45-ZA, it provides that a nominee on the death of the sole depositor or as the case may be, on the death of all the depositors becomes entitled to all rights as the sole depositor in relation to such deposit to the exclusion of all other persons.
Detailed explanation-2: -i) If the depositor has registered nomination with the Bank; – the balance outstanding in the account of the deceased depositor will be transferred to the account of / paid to the nominee after the Bank satisfies about the identity of the nominee, etc.
Detailed explanation-3: -On receipt of the claim from the nominee, the branch will verify the photocopy with the original Death Certificate, Nomination number as registered in CBS, Nomination register. Signatures of two witnesses of good standing and integrity who are acceptable to the Bank should also be provided on the application.