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What does "Either or Survivor" means?

We come across the term "Either or survivor basis" while opening joint bank accounts. Banks generally have clauses under which a joint account will be operated.

Either of Survivor is the most common basis of opening a joint account. Many couples open a joint account under Either or Survivor Clause.

Either or Survivor basis :

It simply means that in a joint bank account both the holders can operate the account. In case of death of any one holder the other holder can continue with the account.

Example-

If a husband and wife open a joint account with Either or Survivor clause, any of them can operate the account freely. In case of death of any one, the other can continue to use & operate that account.


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