Joint Account Closure

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An 'Either or Survivor' joint bank account allows either holder to make transactions independently. However, closing the account, adding or removing a holder, or changing a nominee requires the written consent of all account holders.

Akshit Jain

Akshit Jain (Querist)

14 January 2025 Does closure of the "Either or Survivor" joint bank account require the consent of both account holders?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

14 January 2025 Yes...

Akshit Jain

Akshit Jain (Querist)

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?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

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.

Akshit Jain

Akshit Jain (Querist)

14 January 2025 Thank you, sir, for clarifying. Your answers are always very insightful.

Message likes : 1 times

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

14 January 2025 You are welcome.

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