A Joint Account is a bank account that is run by two or more people together. Joint accounts are generally opened by business partners, friends, spouses and family members.
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 the banks that offer savings accounts also offer the facility of joint accounts. However, some banks allow up to four joint holders in case of such accounts.
Joint accounts are similar to normal accounts. It can be permanent or temporary. The most common type of joint account is applicable between any two persons. Anyone can operate the account if one of the two people dies.
Anyvan or Survive (Anyone or Survivor)
- This account is valid when more than two persons jointly start the account.
- Any depositor can operate the account at any time.
- If one of the depositors dies, the other can continue with the account.
former or Survivor (Former or Survivor)
- In this, only the first account holder can operate the account.
- On the death of the first account holder, only the second account holder gets the right. Some of the necessary conditions have to be fulfilled like production of proof of death etc.
- Minor Account
- A savings bank account can also be opened in the name of a minor jointly with a guardian. Here the guardian should operate the account on behalf of the minor.
Share transfer can be done from one demat account to another, this is the way