Question

Nomination can be accepted in the following type of account?

• A. partnership A/c
• B. Trust A/c
• C. Accounts of Hindu undivided Family
• D. Joint Accounts

Answer 1

Answer:

D. Joint Accounts

As per Banking Regulation and RBI guidelines, nomination can be made for individual and joint accounts. Partnership accounts, trust accounts, and HUF accounts cannot have a nomination because they are not owned by a single legal entity or individual. In joint accounts, any account holder can appoint a nominee who will receive the funds in case of the account holder’s death.