A joint account is the special bank account which is opened in the name of two or more persons. For drawing of the account of the amount, all the persons in whose name the account stand, should sign the cheque, however, if the parties like, by agreement they can allow any one of them to draw on the joint account without the consent or signature of the others. On the death of any member, the bank allows the survivor to draw any balance standing to the credit of the joint account. For opening a joint account, the following precautions should be taken by the bank.
• All the parties who wish to open the joint account must sign the application for the opening of a joint account.
• There should be clear instructions in writing to the banker for the operation of the joint account. The name of the persons who are to operate the joint account must be clearly mentioned.
• If any party of the joint account revokes the agreement, the bank has no option but to stop all operations of the joint account.
• All the parties who wish to open the joint account must sign the application for the opening of a joint account.
• There should be clear instructions in writing to the banker for the operation of the joint account. The name of the persons who are to operate the joint account must be clearly mentioned.
• If any party of the joint account revokes the agreement, the bank has no option but to stop all operations of the joint account.
