Current Affairs · Banking Legislation
What key change did the Banking Laws (Amendment) Act make regarding bank account nominee rules?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Allowed bank account holders to have up to four nominees✓
- 2Allowed only one nominee per account restricted to blood relatives
- 3Removed the provision of nomination entirely
- 4Made nomination optional for all joint accounts
Correct answer
Allowed bank account holders to have up to four nominees
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