Banking · Accounts Operation
When a bank opens a joint Savings Account for 'A' and 'B' with the operational instruction 'Either or Survivor', what is the primary operational rule upon the death of A?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The bank must pay 50% of the balance to B and 50% to A's nominee.
- 2B, the surviving account holder, is allowed to operate the account and is entitled to the balance.✓
- 3The account is frozen, and B must provide A's death certificate and a legal heir certificate to continue operating.
- 4The account is immediately frozen, and the bank must pay the balance to A's nominee only.
Correct answer
B, the surviving account holder, is allowed to operate the account and is entitled to the balance.
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