Types of Joint accounts in Banks

What is a joint account? Joint account is a bank account in which two or more persons are account holders to operate the bank accounts. 

Why do you need a joint account?

A single operating account is more comfortable and independent to operate. However, sometimes in the absence of yours, there is a need for some others to manage your account. Business partners, husband, and wife, senior citizens prefer to have joint accounts.

Types of Joint accounts in Banks

Different types of joint accounts in India

Different types of bank accounts options are available to open for various purposes. Joint account is one of them. However, you must be aware that there are different types of joint accounts based on the mode of operations. 

You can request the bank to add or delete a joint account holder’s names. However, in case of a mode of operation is “either or survivor” or “jointly“, for any of the modifications, all the existing holders have to agree and sign the request letter.

Either or Survivor:

“Either or Survivor” is one of the popular modes of joint accounts with two account holders. The name of the first person on records as “Primary/first account holder,” and another one is a Secondary account holder. These accounts can be accessed and managed by either of the account holders.

Any of the account holders can deposit or withdraw from the bank. It is not necessary that both should be available at the time of the transaction

On the death of any of the holders, another one will become the Survivor and operate the account as an individual.

In case there is a Nominee in the account, then after the death of both the holders, the nominee gets the balance and interest transferred to him/her.

Anyone or Survivor:

“Anyone or Survivor” has more than two account holders, and anyone can operate them.

In case of the death of any of the members, remaining survivors can continue or close the accounts. 

If there is a Nominee, after the death of all the holders, he/she gets the balance with interest in the account.

Former or Survivor:

In case “Former or Survivor” joint accounts in the bank, only the primary holder has the right to operate the account. The second holder has no right on the account.

In case of the death of the primary holder only, the secondary one can operate or close the account. After closing, the Survivor can transfer the balance in his/her account.

Latter or Survivor:

In this case, only secondary holder is permitted to operate the accounts. The primary holder has no right on the account.

In case of the death of the secondary holder only, the primary one can operate or close the account.


Both or all holders together shall operate the accounts. In other words, if the person is needed to make a transaction, all holders should be present before the bank. Therefore, everyone can control the jointly owned money.

If any of the holders dies, remaining holders cannot operate the account further. It will be closed. Bank will pay the balance to the survivors. 

Jointly or Survivor:

In this option, all holders can operate the account together. However, the survivors can continue the account or close the account and take the balance.

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