General Studies · KYC and Account Types
What is the single most defining characteristic of a Personal Account (Savings or Current) that distinguishes it from an Account of Other Customers (non-individual)?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Personal Accounts are always opened with the right of survivorship.
- 2Personal Accounts are opened for a natural person and do not require a Beneficial Owner (BO) declaration.✓
- 3Personal Accounts cannot be operated by an Agent under a Power of Attorney.
- 4Personal Accounts are subject to the Indian Contract Act, 1872, while other accounts are not.
Correct answer
Personal Accounts are opened for a natural person and do not require a Beneficial Owner (BO) declaration.
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