Thursday, November 16, 2017

In the case of joint account, which account has to be selected - a current account or savings account?

Joint account is an account opened by more than one person
It may be one
  • savings deposit
  • current deposit
  • recurring deposit
  • fixed deposit
  • reinvestment deposit
Yourself and your friend can open one joint savings deposit account or
Yourself and your friend can open one joint current account or joint recurring deposit account or joint fixed deposit
In the case of account opened by the individuals the money belongs to one person and there are no operation conditions
In the case of joint accounts, since more number of persons are involved, there should be operation conditions and they can be
  • Either or survivor - anybody can operate the account without consulting the remaining persons
  • Former or survivor - Only the first person can operate the account and the remaining persons are eligible to own the money in the account only on the death of the first person
  • Jointly - The account has to be operated by all accountholders jointly

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