Question

As per RBI guidelines, if an account holder fails to nominate anyone in a bank account, upon death, what is the default legal process?

A Bank transfers funds to RBI
B Funds are frozen indefinitely
C Funds are paid to legal heirs based on succession certificate
D Bank deducts TDS and closes account
E Funds revert to government under unclaimed deposits
Practice Next

Relevant for Exams:

Hey! Ask a query