Banks open joint account for blood relation and spouse. But it is hardly known how to operate joint account. There are some points which should know how to operate joint account.
1. A joint account is a bank account held in the name of two or more persons opened for reasons like convenience or joint control of funds.
2. Jointly operated: In this arrangement, the account needs to be operated by all account holders together.
3. Operated by either holder or survivor(s): Any one of the account holders can sign and operate the account in this mode.
|Some points which should know how to operate joint account.|
4. Operated by former or survivor(s): The first named account holder will operate the account and on his death, the survivor(s) will operate the account.
5. Operated by latter or survivor: The second named account holder will operate the account and on his death, the survivor or former account holder will operate it.
6. Others: The account will be operated as specifically arranged with the bank— operated jointly by any two account holders, or jointly above a certain amount, etc.