Definition and Structure

• An “Either or Survivor” joint account allows two or more holders to operate the account independently.
• Any account holder can perform transactions without the other’s consent.
• Both holders have equal rights over the account and funds.
• The account remains operational even if one holder is unavailable.
• It is a popular mode for joint accounts in India.

Operation of the Account

• Either of the joint account holders can sign cheques and withdraw funds.
• Both can deposit money or access account facilities separately.
• Online and branch transactions can be done by any holder.
• ATM/debit card access is available to each account holder.
• Bank records both holders’ names for operational purposes.

Survivorship Rights

• Upon the death of one account holder, the survivor continues to operate the account.
• The surviving holder gets full control over the balance and account operation.
• No additional documentation is needed for the survivor to access funds.
• The account title is updated by the bank after necessary formalities.
• Survivorship rules simplify succession and fund access.

Advantages

• Offers convenience and flexibility for managing joint finances.
• Reduces dependency on a single individual for transactions.
• Suitable for spouses, family members, or business partners.
• Ensures continuity of access in emergencies or absence.
• Facilitates smooth transfer of funds in case of death of a holder.

Important Considerations

• All account holders must agree on this mode at account opening.
• Nominee details should be updated for additional succession safety.
• Proper communication among holders is essential to avoid conflicts.
• Any changes to operation mode require consent of all holders.
• The bank’s policies must be followed for account operation and closure.