What does "Former or Survivor" means?
come across the
term former or survivor basis while opening bank accounts. I have come
across this term many times in Reserve Bank of India(RBI) circulars
Indians - NRIs are allowed to open NRE Accounts, NRO Accounts and
FCNR Accounts with their resident close relatives on Former or Survivor
opening a joint account too we come across this term- former or
or Survivor basis :
It simply means that
in a bank account the first
named person will operate the account in all circumstances except in
case of his/her death. Only in case of death of the first person the
joint holder (on former or survivor basis) would be eligible to operate
Suppose A & B open a
joint account on "former or survivor basis" having A as the first
holder and B as the second holder. Now only A can operate the account.
If A dies only then B can operate the account. Or we can say during the lifetime of A, B can not operate the account.
Some other relevant Links:
What is Either or Survivor Basis?
What are No balance Small Savings Bank Accounts??
Indians - NRIs
Who are close relatives??