Challenger App

No.1 PSC Learning App

1M+ Downloads
If a nominee dies before payment under simultaneous nomination, their share is:

AGiven to legal heirs automatically

BTransferred to surviving nominees

CTreated as not nominated

DPaid to the bank

Answer:

C. Treated as not nominated

Read Explanation:

If a nominee dies before payment, that portion is treated as not nominated and is settled as per bank rules.


Related Questions:

A Garnishee Order is issued under which provision of law?
Which function ensures stability of Indian currency?
Once a Chairman of a co-operative bank is removed under the BR Act, he/she shall not be eligible for appointment for a period of
A garnishee order is issued in the name of one joint account holder only. The account is jointly held by A and B. The bank should:
Banker’s lien can be exercised on