Joint Accounts
Two or more individuals may open a joint account. Various options exist for operating the
account:
• Jointly by A and B – Both A and B will have to sign for withdrawals and other operations.
For example, high value transactions in a partnership firm may require the joint signature
of two or more partners.
• Either or Survivor – Either of them can operate the account individually. After the demise of
one, the other can operate it as survivor. This is the normal option selected by families.
• Former or Survivor – The first person mentioned as account-holder will operate it during
his / her lifetime. Thereafter, the other can operate. This option is often selected by a
parent while opening an account with the son / daughter.
• Latter or Survivor - The second person mentioned as account-holder will operate it during
his / her lifetime. Thereafter, the other can operate.
While opening the account, the operating option needs to be clearly specified.
