You might have come across various type of joint accounts in banks. Depending upon their pattern of holdings, the operation as well as the features of each account differs. So let us see what are these accounts all about.
1. Either or Survivor
This is the most common type of joint account and is applicable between any two individuals. For e.g. If a husband and wife have joint account with “either or survivor” clause, either of them can operate the account and in the case of the death of one of the depositors, the other can continue.
2. Anyone or Survivor
Here, any of the depositors can operate the account at a time and in case if any of the depositors expires, the others can continue the account.
3. Former or Survivor
In this type of joint account, only the first account holder can operate the account. The second depositor gets the right only on the death of the first holder after undergoing some basic formalities like submission of proof of the death etc.
4. Latter or Survivor
This is similar to the former or survivor, but the difference is that, only the second account holder (latter) can operate the account.
5. Minor’s Account
A savings bank account can also be opened in the name of a minor jointly with a guardian. Here, only the guardian is supposed to operate the account on behalf of the minor.