Either/survivor account in the absence of will

 funds in a joint account, it's normally quite straightforward: they simply belong to the surviving partner. This money isn't counted as part of the deceased person's 'estate', so the administrator / executor does not need to deal with it.

Once the account provider has seen the death certificate, they'll transfer the account into the surviving account holder's name.

I agree with Ramachary as far as the Service Provider is concerned. If there is a will specifically stating that the E o S A/c is only for a covenience arrangement and specifically states that the amounts should be given to X, Y or Z, then the Survivor is bound b it. The Service provider is absolved of his responsibilty, In the absence of  will it will be an uphill legal task to get the monies to the other legal heirs.

Either or Survivor means after the death of account holder survivor will be the sole owner of the assets.

The aunt A will be able to acquire the movable asset in the bank account fully as a legal owner as the arrangement suggests.

All are unanimous in their advice. But sometimes even legal wills are challenged by heirs on various grounds, the will was unfair to them being one of the possible grounds. Then there is the question of creditors, if any of the deceased. They will have a claim on the assets of the deceased. Then the question will come as to whom among the joint holders the assets actually belonged. If assets were actually deposited by the survivor it will have to be established.

There should be a joint mandate by both deposit/account holders in this regard. Failure to have joint mandate the bank has to take final call in releasing funds. kindly go through RBI CIRCULAR IN THIS REGARD

RBI/2011-12/248
DBOD No. Leg BC 46/09.07.005/2011-12

When a joint account is opened in a bank, if it is an either or survivor account it is so mentioned in the account opening form. The form is signed by both the account holders. Is it not a joint mandate?

The answer is negative, joint mandate is for handing over the remains, in the event of death of one  account holder, either to the surviving account holder or to the legal heirs.for further clarification you can go through the circular mentioned above.

True sense of meaning behind the term "EITHER or SURVIVOR" significantly indicates SURVIVOR is the alternative, the word OR is disjunctive here.

Where is the circular available? Is it available on the internet? Yes, 'OR' is disjunctive. It was always so, I thought. What is its special reference here? Does it make all those learned lawyers above not correct?

My post is below to the posts of other expert lawyers so there is hardly any chance to go above. The term 'OR ' is not always disjunctive sometime it  can be used as conjunctive also.. Queries of the author's are two in numbers namely,-

1.Whether in a joint BANK ACCOUNT (either or survivor in nature) the principal account holder dies the surviving account holder can be the absolute owner of the assets in that account.? My reply is ' YES '.

2. Whether siblings of the deceased account holder can claim their respective shares in the assets of joint Bank account (either or survivor in nature)? My reply is ' NO '

Is there anything such as a principal account holder in the case of an either or survivor account? "Either" would mean both are equal.

The term ' SURVIVOR '  carries the meaning as alternative to the term ' EITHER 'and  thereby admitting Either as principal i.e.',Princeps personam '  I differ both are not equal.