Banking · Banking Laws Amendment
Consider the following statements regarding the key provisions of the Banking Laws (Amendment) Bill, 2024: 1. Customers can nominate up to four persons for claims in bank deposit accounts, allowing for more flexibility in settlements. 2. Both simultaneous and successive nominations are permitted for deposit accounts, but only successive nominations are allowed for safety lockers and articles in safe custody. 3. In simultaneous nomination, entitlement shares of all nominees together must total 100%, while successive nomination is operative one after another following the death of the previous nominee. Which of the above statements are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 11, 2, and 3
- 23 only
- 32 and 3 only
- 41 and 3 only✓
Correct answer
1 and 3 only
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