Module: General Practice
Q90: As per the Banking Laws (Amendment) Act, 2025, what is the maximum number of nominees a depositor can now appoint for a single deposit account?
✅ Correct Answer: D
Correct Answer: D. Four individuals.
Concept: Multiple Nominations Limit (2025 Amendment). Structure: Old Rule: Only one nominee was allowed per account (individual capacity). New Rule (Effective Nov 1, 2025): The Act amended Section 45ZA of the Banking Regulation Act to allow a depositor to nominate up to four individuals.
Context: This facility allows for either Simultaneous nomination (sharing the money) or Successive nomination (priority list) for deposit accounts.
This change was introduced to provide flexibility to depositors and reduce disputes among heirs.
Concept: Multiple Nominations Limit (2025 Amendment). Structure: Old Rule: Only one nominee was allowed per account (individual capacity). New Rule (Effective Nov 1, 2025): The Act amended Section 45ZA of the Banking Regulation Act to allow a depositor to nominate up to four individuals.
Context: This facility allows for either Simultaneous nomination (sharing the money) or Successive nomination (priority list) for deposit accounts.
This change was introduced to provide flexibility to depositors and reduce disputes among heirs.