Joint Account

A joint account is a bank account shared by two or more people, allowing all account holders to deposit, withdraw, and manage money together. It is commonly used by spouses, family members, or business partners to handle shared expenses and maintain transparency. Depending on the mode of operation—such as Either or Survivor, where any holder can use the account, or Jointly, where all must sign—banks provide different levels of access and control. The interest earned is shared based on each person’s contribution.

Example: If Ramesh and Sita open a joint savings account under the Either or Survivor mode, both can independently operate the account, and if Ramesh passes away, Sita can continue using it without any restrictions.