Multiple choice

An account in the name of minor M is opened by his father as ‘M u/g of F’. Which of the following statements in this regard is not correct?

  1. During minority, account will be operated by guardian.

  2. On attaining majority, the account will be operated jointly by the guardian and the account holder, who has become major.

  3. If death of guardian during minority takes place, next guardian will operate the account.

  4. Guardian can make nomination in this account.
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

On attaining majority, the erstwhile minor should confirm the balance in his/her account and if the account is operated by the natural guardian / legal guardian, fresh operating instructions and specimen signature of erstwhile minor should be obtained and kept on record for all operational purposes. Thus, option 2 is the correct answer. 

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