Challenger App

No.1 PSC Learning App

1M+ Downloads
Which of the following is TRUE for simultaneous nomination?

AProportions may be optional

BEntire deposit need not be covered

CMaximum two nominees allowed

DEntire deposit must be fully covered

Answer:

D. Entire deposit must be fully covered

Read Explanation:

The entire deposit amount must be allocated among nominees in simultaneous nomination.


Related Questions:

Who among the following can be a nominee?
The Banking Principle allows note issue against:
Which of the following is true about the Transition Buffer in MSME classification?

Assertion (A): Garnishee Order applies to future deposits.

Reason (R): It freezes all incoming funds.

RBI issued license to KSCB for doing banking business