Question

Q1. Consider the following statements regarding nomination in bank accounts:

Statement I: Nomination can be added, modified, or cancelled using prescribed forms.
Statement II: Only one account holder’s signature is sufficient to modify a joint account nomination.

• 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

Nomination can indeed be added, modified, or cancelled through prescribed forms, but in joint accounts, all account holders must sign for any modification or cancellation.