A bank account that is run by two or more people is called a joint account. Generally, business partners, friends, spouses, family members open joint accounts. Any of the account holders can withdraw the money deposited in the joint account. Debit cards in the name of each account holder can also be issued separately. All banks offering savings accounts in India also offer joint accounts. However some banks allow up to four joint holders in the case of such accounts.
A joint account is just like a normal account. It can be permanent or temporary. The most common type of joint account applies between any two people. If any one of the two people dies, then anyone can operate the account.
Anyone or Survivor
- This account is valid when more than two persons start an account jointly.
- Any depositor can operate the account at any time.
- If any one of the depositors dies, then they can continue with the other account.
Former or Survivor
- Only the first account holder can operate the account.
- On the demise of the first account holder, only the second account holder gets the right. Some of its important conditions have to be fulfilled like proof of death etc.
A savings bank account can also be opened jointly with a parent in the name of a minor. Here the guardian should operate the account on behalf of the minor.
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