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Types of Joint Accounts in Banks of India

Types of Joint Accounts in Banks : You may be aware that you can open a bank account in any bank individually or jointly with one or more applicants. According to the need you can apply for a joint account with multiple account holders. You just need to select the option of Joint account while filling up the Account Opening Form. It is quite a simple option present on the Account Opening Application form of every bank. Before opening a joint account you might need answers to some important questions like ‘Why do you want to open a joint Account ?’ ‘Who will be your joint account holder(s) ?’ and ‘What all types of Joint Accounts are there ?‘. Today, will tell you about all types of Joint Accounts in Banks of India. These are usually the same for all banks including some popular banks like SBI(State Bank of India), PNB(Punjab National Bank), Bank of Baroda, ICICI Bank, HDFC Bank etc.

Types of Joint Accounts in Banks

Types of Joint Accounts in Banks

Usually the Banks in India or any other Country has 6 options to Choose from while selecting a Joint Account :

  1. Either or Survivor
  2. Anyone or Survivor
  3. Former or Survivor
  4. Latter or Survivor
  5. Jointly
  6. Jointly or Survivor

According to your need, you can select a joint account from any one of these. We will now tell you about each of these joint accounts in detail. This will help you to get a better understanding of all types of joint accounts in banks.

1. Either (Or) Survivor

One of the most common type of joint account in Either or Survivor. In this type of joint account only 2 individuals can operate the account at a time i.e., the main account holder or the 2nd account holder. However, both the account holders have access to all the account related activities.

In case one of the account holder meets with death, the final balance and interest(if any) can be claimed by the survivor. In such a case, the survivor can continue to operate the account.

Example : A person opens a Joint Account with his Father. After the death of any one of them,  the person who survives can continue to operate the Account. The survivor can also opt to get the amount transferred to his name.

2. Anyone (Or) Survivor

This type of joint account is similar to Either or Survivor, just that the number of joint account holders can be more than 2.

Example : A person opens a Joint Account with his Father, Mother & Sister. After the death of any one of them, the other account holders who survive can continue to operate the Account. If there is only one survivor, he can also opt to get the amount and interest(if any) transferred to his name or can continue to operate the account individually.

3. Former (Or) Survivor  

In this type of joint account only the main account holder can operate the account till he/she is alive. However, after the death of main applicant, the second account holder can operate the account. The second account holder can also opt to get the account balance and interest(if any) transferred to his/her name.

Example : A person(Main Applicant) opens a Joint Account with his Father(2nd Applicant). Only the main applicant can operate the account. In case the main applicant meets with death, the 2nd applicant can get the amount and interest(if any) tranferred to his name. In such a case, the 2nd applicant can also continue to operate the same account individually.

4. Latter (Or) Survivor

This type of joint account is like Former or Survivor account, just that only the second account holder can operate the account till he/she is alive. However, after the death of second account holder, the first or the main account holder can operate the account. The first account holder can also opt to get the account balance and interest(if any) transferred to his/her name.

Example : A person(Main Applicant) opens a Joint Account with his Father(2nd Applicant). Only the Father can operate the account. In case the Father meets with death, the main applicant can get the amount and interest(if any) tranferred to his name. In such a case, the main applicant can also continue to operate the same account individually.

5. Jointly

In this type of joint account, the account has to be operated and transactions have to be signed by all the account holders combined. If one of the account holder dies, the account can not be operated any further. The final balance and interest(if any) can be claimed by the survivor.

6. Jointly or Survivor

This type of joint account is like Jointly account, just that the survivor can continue to access and operate the account after the death of any one applicant. The final balance and interest(if any) can be claimed by the survivor.

Apart from the joint accounts mentioned above, there is one more option of a “Minor Account.” If the main account holder is below 18 years, there should be an adult guardian as a joint account holder.

You will find 6 Modes of operation while filling up SBI Account Opening Form which are Self Only, Either or Survivor, Former or Survivor, Anyone or Survivor, Jointly, Other.

Addition or Deletion of Joint Account holder(s)

At any point of time, you can add or delete a Joint Account holder in your account. You just need to make a request to the concerned bank to add or delete an account holder. You must remember that for such a request the existing account holders needs to sign on the request form in case the mode of operation is Either or Survivor” or Jointly.

Restricting Internet Banking access for Joint Account holder(s)

The primary applicant gets the option to restrict the internet banking access for joint account holder(s). State Bank of India has this option in Account Opening Application form itself which can limit the Viewing and/or Transaction rights of an applicant.

Final Words :

You can opt to open any one of the Joint Accounts mentioned in this article. It all depends upon your need. Do keep in mind that a Joint Account holder access should only be given to people you trust. Bank will not be liable for any kind of mishap through any of the joint account holder(s) in your account.

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