Joint Account Closure
This query is : Resolved
14 January 2025
Does closure of the "Either or Survivor" joint bank account require the consent of both account holders?
14 January 2025
Yes...
14 January 2025
But doesn't "Either or Survivor" imply that either account holder should be able to take independent decisions on the account without consent of the other joint holder?
14 January 2025
Any one of the joint account holders can operate the account independently, without requiring the consent of the other joint holders. Any one of the joint account holders can perform transactions, such as deposits, withdrawals, and investments, without requiring the signature or consent of the other joint holders.
But to add or remove a joint account holder, or to close the account, or to add/change nominee/s all existing account holders must provide their consent in writing.
But to add or remove a joint account holder, or to close the account, or to add/change nominee/s all existing account holders must provide their consent in writing.
14 January 2025
Thank you, sir, for clarifying. Your answers are always very insightful.
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14 January 2025
You are welcome.
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