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  What is joint account? Joint account is a bank account share between two or more individuals. Joint account are most likely to be used by relatives, couples or business partner who have a level of trust with each others Either or survivor Jointly Jointly or survivor Former or survivor Latter or survivor Anyone or survivor 1. Either or Survivor The majority of joint accounts are “Either or Survivor” nature. This is because these can be accessed and managed by either of the account holders, i.e. the primary account holder as well as the secondary account holder. If one of the account holders passes away, then the account balance can be paid to the “survivor” account holder. 2.Jointly In this, all the transactions need to be signed and mandated by all the account holders. If any of the account holders dies then the account can not be further operated. The balance proceeds shall be payable to the survivor 3.Jointly Or Survivor This type of account is sim...

  What is bank Bank is a financial institute. Their primary objective is making profit.They collect deposit from the public and lend money to business firms, traders ,farmers and consumers. For the purpose of consumption and investment to make profit and they give other related services. Characteristic/ feature of the bank 👉Dealing in money 👉Accepting of deposit 👉Giving advance 👉Payment and withdrawal 👉Agency and utility services 👉Profit and service orientation Relation between banker and customer Relationship as debtor and creditor : -   on the opening of an account, the banker assume the position of debtor. A depositor remain a creditor of his banker so long as his account carries credit balance. Relationship between the banker and customer is reversed as soon as the customer account is overdrawn. Banker become a creditor of the customer who has taken a loan from the banker and continue in the capacity fails the loan of re paid. Banker as a trustee:-  o...