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Either or survivor, former or survivor: Bank deposit withdrawal rules

While opening a savings account or a deposit account (fixed or term), you should have selected any of the above mandate as your choice (there may be other options too).

If you have selected, ‘either or survivor’, the maturity amount will be given to any of the two account holders, if both are alive. In case one account holder is no more, the amount will be paid to the survivor. And in case a person is dead and the other account holder wants to withdraw the money before it matures, the bank will need the consent of the legal heirs of the deceased person before giving the money to the other account holder (survivor).

In case of ‘former or survivor’, where former is the first account holder, rights will exist with him/her to maintain the account as long as he/she is alive. The second account holder can only withdraw money (when the account matures) if the former expires. In case the account has to be withdrawn before it matures, consent (signatures) of both the account holders is required (if any one has expired, their legal heirs’ consent is taken/needed).

There’s another thing called nominee. For any of the joint accounts, the nominee can either be any one of the joint holders or can also be a third person. In hierarchy of powers, the nominee comes after each of the account holders. For example, if a joint account is operated as ‘Former or survivor’ and the former is no more, the survivor will have the right to the money first followed by the nominee. If the survivor continues to operate the account and over time, he/she also dies, then the nominee would get the rights. Or on the other hand, as soon as the former dies, the survivor can end the account and take out the money.

But do note that nominee can be changed at any time. Once the former dies, the survivor can change the nominee to any person he wants.

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  1. Santosh Kumar Srivastava

    Is Either or Survivor A/C should be converted in Single Mode Operation or not?

  2. What if the “former” is alive but unable to operate or appoint an agent or give power of attorney due to say, prolonged hospitalization etc

    • The deposit simply renews for the same period at existing rates if ‘former’ is unable to give maturity instructions to the bank. In serious cases, like when former goes into Coma or something, the bank will agree to end the account if the other person can come with consent of the family members of the former.

  3. ajay kumar sinha

    In case of being one of the either or survivor in a joint saving a/c, can he not do the followings
    1. can he not instruct the banker to block the withdrawal beyond the specified minimum balance?
    1. can he not withdraw any amount after death of the other person.

    • 1. I do not know if there is a provision like that even for single operated accounts. If you can, then yes, either of you can give such instructions to the bank.
      2. The survivor can, after the bank verifies that the other person is really no more.

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