What is the Full Form of MOP in Banking

What is the Full Form of MOP in Banking?

Answer: The MOP is referred to as a Multi Option Payment System. It helps people to pay online through different online options like Net banking, debit card, credit card or UPIs.It is a requirement that must be met in order to open an account. It gives you the option to choose which method to use to access the account.

MOP is used often in the banking industry, and it serves a very important function. If you do not have it, your bank will not permit you to access the account if you are opening a joint account with family members or if you wish to start one. Even if you choose not to demand it, a personal account will always be set to single status by default. A company’s account, MOP, becomes a very important factor.

As its name indicates, it provides information on who will manage your account and how it will be managed. You will see these possibilities right before you are prompted to select one of the available options.

• Jointly and Individually Operated Single
• Either Survivor is the Winner
• Former or Survivor
• Anyone or Anyone Who Survives