With a view to facilitate payment of balance in the deposit account to the person named by the depositor without any hassles in the event of death of the account holder, the following facility was introduced for bank accounts in our country             

Related MCQs

• A depositor can deposit his funds  any number of times he likes and can also withdraw the same any number of times he wishes
• ESAF Small Finance Bank has launched a social deposit scheme called 'Hrudaya Deposit scheme‘ recently. Where is headquarter of ESAF Small Finance Bank?
• Which of the following is known as a Savings Bank Account opened with a commercial bank with zero balance or very minimal balance?
• If a Depositor is not a Senior Citizen and his Taxable Income is within the exempted limits then he has to submit ———to the Bank for not deducting tax at source
• The Know Your Customer (KYC) norms of opening a bank account has been relaxed for the accounts with minimum balance of
• Banks allow some important customers to withdraw without clear credit balance. Such facility is known as:
• Which Bank of India maintains the Principal Accounts of Central as well as State Governments at its Central Accounts Section?
• According to RBI guidelines the term ‗bulk deposit‘ is used for single rupee term deposit of
• What is the ―USP‖ in a Savings Bank account of a Bank over another Bank?
• Which of the following is necessary while opening deposit accounts in banks?