What is Either or Survivor Bank Account?

Either or Survivor meaning in banking denotes a joint account ownership structure where any one of the account holders can conduct transactions and manage the account independently, without the need for consent from the other account holder(s). In case of the death of one account holder, the surviving individual retains full control and access to the account, simplifying account management and access to funds.

What is either or survivor account?

An "Either or Survivor" account is a type of joint bank account where any one of the account holders can independently manage and transact on the account, and in case of the death of one account holder, the surviving individual(s) gains full control of the account without the need for legal procedures.

What are the either or survivor bank account rules?

The either or survivor bank rules depend on the bank but the basic ones are:

• Any holder can transact without needing approval from others.

• Upon the death of one holder, the surviving holder(s) gain full control, bypassing probate.

• Each holder is individually responsible for account liabilities.

• Account alterations may require consent from all holders.

• Account terms are detailed in signed agreements.

But it will be best to visit the bank and get to know more about the rules. 

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Hi Pal,

You must complete a form when you want to start a savings account with a bank. Additionally, the form gives you the choice of owning the account jointly or in a single name. Being a single account holder is simple to grasp, but having a joint account might be more challenging. The rules that apply to different sorts of joint account partnerships, such as either or survivor account rules, anyone or survivor, former or survivor, and finally later or survivor rules, may be provided by the banks.

This kind is appropriate for two people. Consider a joint account with an either-or survival provision that you and your spouse have. The account's final balance, along with interest (if any), will be distributed to the surviving party in the event that one of you passes away. The survivor will receive the money regardless of whether there is a nomination in the account. 

Only if both account holders pass away does the nominee get access to the money. In the absence of a nomination, the money goes to the survivor. If both depositors pass away, the money will go to their respective legal heirs. I hope this clarifies your query about the either or survivor joint account.

What is the RBI circular on either or survivor account?

No prepayment of the fixed/term deposit may be permitted without the consent of the legal heirs of the deceased joint holder if the operational instruction is "Either or Survivor" and one of the depositors dies before the maturity.

I would like to conclude here about the either or survivor account rules. I hope this helps:)

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