Nomination Facility MCQs with Case Study

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Nomination Facility MCQs

Nomination Facility MCQs – Nominating a family member as a nominee for a bank account is referred to as bank account nomination. This is typically done to make sure that, in the terrible case of the account holder’s passing, the funds in the account are in the possession of the successor that the account holder has designated. According to the law, updating a nominee is not required. To further comprehend the subject, let’s look at some multiple-choice questions about nomination in bank accounts.

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Nomination facility is not available in.

Option A. Lockers in joint names.

Option B. Articles accepted for safe custody from more than one person.

Option C. Deposit account in joint names.

Option D. None of the above.

Ans – B. articles accepted for safe custody from more than one person.

2. In case of deposit account in more than one name the number of nominees can be.

Option A. One.

Option B. Two.

Option C. Three.

Option D. Not more than number of account holders.

Ans – A. one.

3. A depositor has appointed his minor son aged 12 years as nominee. He will be required.

Option A. To appoint a major as second nominee.

Option B. To appoint some major person as his nominee in place of minor.

Option C. Not to exercise any nomination at all.

Option D. To appoint a major person to receive payment on behalf of minor nominee in the event of death of depositor.

Ans – D. to appoint a major person to receive payment on behalf of minor nominee in the event of death of depositor.

4. A minor above the age of 15 years opened his individual savings account in his single name. in this account nomination facility is:

Option A. Not available as a minor cannot appoint an agent.

Option B. Available as minor has completed 14 years of age.

Option C. Available only if his father indemnifies the bank.

Option D. All of the above

Ans – A. not available as a minor cannot appoint an agent.

5. A literate depositor has exercised nomination in favour of his cousin. This nomination requires.

Option A. No objection certificate from his legal heirs.

Option B. Attestation by notary public.

Option C. Attestation by two witnesses.

Option D. None of the above.

Ans – D. none of the above.

6. A deposit was accepted with instructions ‘either or survivor ‘from two depositors A and B. A died before due date. B approaches the bank to cancel nomination earlier exercised by them. In this case:

Option A. Nomination once exercised is irrevocable.

Option B. It can be allowed as survivor can cancel, change or even exercise fresh nomination.

Option C. Nomination can‘t be cancelled as it requires consent of both the depositors.

Option D. All of the above

Ans – B. it can be allowed as survivor can cancel, change or even exercise fresh nomination.

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