Legal Question in Banking Law in India

banking account

what is the meaning of either or survior jn bank account - both the persons can operate account singly as regards withdrawal etc?


Asked on 8/06/08, 7:07 am

4 Answers from Attorneys
Advocate Siva Subramanian M/s. R. Siva Subramanian

Re: banking account

The joint account concept is being operatable by both the joint account holders or by anyone of them who is alive. To say with an example, if 'A' is Husband, 'B' is his Wife, and both of them has a joint bank account. Now, either 'A' or 'B' can operate the account, and suppose 'A' dies, 'B' alone can operate the account. It's simply an account which is operatable by two persons.

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Answered on 8/06/08, 8:42 am
J. Radhakrishnan independent Practice

Re: banking account

when an account is opened by two persons jointly with a mandate of "either or survivor" either of them can operate the account and in case of demise of one, the survivor can solely operate the account

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Answered on 8/06/08, 9:12 pm
Aniruddha Pawse Aniruddha.P.Pawse Advocates

Re: banking account

Yes you have yourself answered the question

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Answered on 8/08/08, 2:00 am
Homi Maratha N.N. Maratha & Co.-Advocates

Re: banking account

Yes they can operate indivudually.

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Answered on 8/07/08, 1:52 am


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