What is a joint bank account

A joint bank account is a shared account owned by two or more individuals, allowing them to manage funds together. Commonly used by spouses, family members, or business partners, it provides equal access for deposits and withdrawals. In India, these accounts operate under various modes:

• Either or Survivor: Both holders can operate the account independently.
• Jointly: All transactions require signatures from all account holders.
• Former or Survivor: Only the primary holder operates the account; the second holder gains access only after the primary's demise.