Nominees - Those selected for claiming amount following Depositor's death

Q.  What does 'Nomination' for a deposit account in the bank mean?
- Published on 19 Oct 15

a. Mandate given by the close relatives of the depositor to settle the death claim in case of death of the depositor
b. Mandate decided by the bank to settle the death claim of its depositor
c. Mandate of the depositor in favor of one or more persons to claim the amount on death of the depositor
d. Mandate of the depositor in favor of a close relative who can claim the amount on death of the depositor

ANSWER: Mandate of the depositor in favor of a close relative who can claim the amount on death of the depositor

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