Hi,
In the concept of either or survivor, if the account is held jointly by two people, such as A and B, the ultimate balance and any relevant interest will be paid to either A or B on the account's maturity date or to the survivor in the event that both account holders pass away.
This kind of situation is suitable for two individuals. Think about a joint account that you and your spouse hold that has an either-or survival provision. The final amount of the account, including any interest (if any), shall be paid to the surviving party in the case of the death of either of you. Whether or not there is a nomination in the account, the money will go to the survivor.
The nominee only has access to the funds if both account holders die. The money goes to the survivor in the absence of a nomination. If both depositors pass away, the funds will be distributed to each of their respective heirs legally. I hope this answers your question about the joint account for either or the survivor.
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Savings Bank account, either or survivor. Both die one after another?
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2023-07-08T18:39:56+00:00 2023-07-09T20:43:58+00:00Comment
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