n NISM Certifications
V-A NISM Series V-A
Medium

What action has to be taken before deleting a default bank account from the registered bank account in a mutual fund folio?

Practice question from Nism VA Mock Test 3 — bank. The correct answer is highlighted below with a full explanation.

Options

  1. A

    A new folio will have to be opened with the same joint holding as the new default account

  2. Another account has to be designated as the default bank account

    Correct answer

  3. C

    All the nominees of the mutual fund scheme have to sign on the change form irrespective of the mode of holding

Why this is the answer

Before deleting the default bank account, another bank account must be designated as the new default account to ensure that transactions are directed correctly.

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