Bank Account Tips: These facilities are available for opening a joint savings account, know the rules and benefits...

A bank account that is opened by two or more people together is called a joint bank account. According to the Reserve Bank of India (RBI), this type of bank account can be opened by a business partner, husband-wife, or family members together. In this, debit cards can be issued in the names of account holders. Apart from this, any account holder can withdraw the amount deposited in the joint account. A Joint Account is like a normal account which can be of two types. Permanent or temporary. If any one of the two people dies, the other person can inherit it.

Minor Account
Bank accounts can also be opened for minors i.e. small children. This account is opened jointly with the parents. In this, the parents use the account on behalf of the minor.

Anyone or Survivor
This type of account is opened when two people jointly open the account. More than 2 people can open this account jointly. Any depositor can access the account at any time. If one of the depositors dies, it can be continued with the other account.

 
Former or Survivor
In this, only the first account holder can use the account. Another person can use it only after the death of the first account holder. But for this, it is also necessary to provide some important documents, such as a death certificate.

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