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    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 Correct Answer Incorrect Answer
    B Funds are frozen indefinitely Correct Answer Incorrect Answer
    C Funds are paid to legal heirs based on succession certificate Correct Answer Incorrect Answer
    D Bank deducts TDS and closes account Correct Answer Incorrect Answer
    E Funds revert to government under unclaimed deposits Correct Answer Incorrect Answer

    Solution

    Without a nominee, the legal heirs can claim the funds by producing succession certificate or legal heirship documents.

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