Banking · Current Account Operations
Which of the following statements regarding the operational instructions and procedures for current accounts is/are true? 1. The 'Operational Instructions' column in the account opening form should always be left blank when opening an individual current account. 2. In a joint account, operational instructions must be clearly authenticated and signed by all joint account holders. 3. The operational instructions for a sole proprietorship firm should explicitly mention that the account is operated by the sole proprietor on behalf of the firm. 4. A third-party credit in a newly opened, unverified current account does not require any verification or scrutiny by the bank. 5. Account holders should ideally receive a statement of accounts every month, but a transmission charge can be levied if it is sent via registered post. Choose the correct option:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 11, 2, 4, and 5 are true
- 22, 3, and 5 are true✓
- 32, 3, and 4 are true
- 41, 2, and 3 are true
Correct answer
2, 3, and 5 are true
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