GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What does ‘Nomination’ for a deposit account in the bank mean?
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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 favor of one or more persons to claim the amount on death of the depositor
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Mandate of the depositor in favor of a close relative who can claim the amount on death of the depositor
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Mandate given by the close relatives of the depositor to settle the death claim in case of death of the depositor
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Explanation:
Detailed explanation-1: -The nomination facility simplifies the procedure for settlement of claims of deceased depositors as the bank will get a valid discharge by making payment of the balance outstanding in a depositor’s account at the time of his death or delivering contents of locker or articles kept in safe custody to the nominee.
Detailed explanation-2: -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.
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