Joint Bank Account’s

Joint Bank account’s are those types of Accounts that are opened by two or more people.

There are three types of  Joint Bank Accounts that are usually opened by Joint Account holders with Bank Account operating instruction as follow;-

  1. Either or Survivor.
  2. Jointly by all.
  3. Anyone Singly can operate.

Either or Survivor

Either (Or) Survivor – This is the most common form of the joint account. Only two individuals can operate the account i.e., primary account holder and secondary account holder. Both can access the account and transfer the funds.

But in case at if at any point any Joint Account holder wants to close the Account, then both needs to submit a written duly signed application to close the bank account in the concerned bank’s branch.

In case of death of a Joint Account, holder Survivor can make the one-off transaction and then can opt to close the Bank Account while providing the death certificate of deceased as per the case may be.

Jointly by all

Such types of Bank Accounts are normally opened by two or more individuals with the justified purpose of Accounts which is mostly “Savings”.

In Jointly by all operating instruction Bank Account, all Account holders need to sign the Cheque to withdraw money.

Likewise in case if Accounts needs to be closed then all Account holder will submit a written request duly signed by all Joint Account holders.

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Anyone can Operate Singly

These types of Bank operating instruction Accounts are opened by normally two people. These Accounts are somewhat similar to “Either or Survivor” Accounts.

For example, if a customer wants to withdraw the given amount then he can present the cheque at the Bank with his Signature to conduct the transaction, and hence it does not require the signature of other customers with whom a Joint Bank Account has been opened.

But in case the Bank Account needs to be closed then it will require a written request signed by both Account holders for Closure of the Bank Account.

Also in the event of the death of any Account holder, the secondary account holder will have to provide a Succession order from the Court of Law and provide it to the bank for getting the Account balance amount.

Before Closure of the Above Account if required then the Customer needs to hand over the Cheque book and ATM card to the concerned Bank’s Branch to mark it inactive in Bank System as per Bank SOP’s.


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