Banking

Prashant (Querist) 06 October 2009 This query is : Resolved
Dear All
I am opening a savings bank account jointly with my wife.
The bank has provided following options for account operations-

1.Either or survivor

2.Former or survivor

3.Anyone or survivor

So I would like to know the difference between the above 3 terms & significance of these terms & which is the best option

Thanks in advance

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Sachin Bhatia (Expert) 06 October 2009
The joint account holders can give any of the following mandates for the disposal of balance in the accounts:

1)Either or Survivor: If the account is held by two individuals say, A & B, the final balance alongwith interest, if applicable, will be paid to survivor on death of anyone of the account holders.

2) Former or survivor: If the account had been opened in the name of `former or survivor' with former depositing amount, the survivor will not have any right till death of deceased.

3)Anyone or Survivor/s: If the account is held by more than two individuals say, A, B and C, the final balance alongwith interest, if applicable, will be paid to the survivors on death of any two account holders.