Economics · Banking Law and Practice

Consider the following statements regarding bank accounts in India: Statement 1: A nomination in a deposit account can be made in favor of a maximum of two individuals if they are both legal heirs of the account holder. Statement 2: In a joint account with an 'Either or Survivor' mandate, the nominee's right to receive payment arises only upon the death of all the joint account holders. Statement 3: As per the Banking Regulation Act, payment to a nominee by a bank provides a 'full discharge' to the bank, even if the legal heirs of the deceased contest the payment later. Statement 4: If a minor is appointed as a nominee, the account holder must also appoint another person of majority to receive the money on behalf of the minor during their minority. Which of the statements given above are correct?