BANKING AFFAIRS

Detailed explanation-1: -Either or Survivor: If the account is in the name of two individuals says, A & B, the final balance along with interest, if applicable, will be paid to either of account holders i.e. A or B, on date of maturity or to the survivor on death of any one of the account holders.

Detailed explanation-2: -There can be only one Nominee for a deposit account whether held singly or jointly. A resident can nominate NRI as Nominee but the repatriation of amount will be only after permission from RBI.

Detailed explanation-3: -Joint Accounts are like Regular Bank Accounts, except they are operated by more than one account holder. Not every account holder of a Joint Account can deposit and withdraw money, transfer funds, make ATM withdrawals, issue cheques, etc.

Detailed explanation-4: -Either (Or) Survivor – This is the most common form of joint account. Only two individuals can operate the account i.e., primary account holder and secondary account holder. Both can access the account and transfer the funds.