Question

Consider the following scenario: Mr. H initially nominates his mother for his account. Later, after marriage, he wants to change the nominee to his wife.

Statement I: Mr. H can change the nominee by submitting a modification form.

Statement II: In a joint account, only Mr. H’s signature is sufficient to change the nominee.

• A. Both I and II are true
• B. Both I and II are false
• C. I true, II false
• D. I false, II true

Answer 1

Answer:

C. I true, II false

Mr. H can modify the nominee using the prescribed form, but for joint accounts, all account holders must sign to approve the change.