Problems faced by joint account holders in Nationalized Banks.

[R V Rao]

Normally if a savings bank account holders operate joint account Either or surviver clause, both have equal rights of operations.

I have come across cases where each bank have their own interpretation on this clause.

I have known a case in Visakhapatnam where Bank manager refused to honour the cheque of second survivor when the first account holder died. Any amount of convincing failed. He was insisting many conditions.

In order to have hassle free transactions, i have appended below a simple draft of letter to be given by both with a covering letter.

Both drafts are forwarded. I was totally helped by Chat Gpt.

Such of those interested may use the information.

Joint Account Survivorship Declaration

To:

The Branch Manager

________________________ Bank

________________________ Branch

(Branch Address)

Subject: Confirmation of “Either or Survivor” Operation and Survivorship Rights

Account Details:

Savings Bank A/c No. ___________________________

in the joint names of Mr. ______________________ and Mrs. ______________________

Dear Sir/Madam,

We, the undersigned joint account holders of the above-mentioned savings bank account, confirm that the account is maintained with the operating instruction “Either or Survivor.”

We hereby declare and affirm that:

1. It is our clear and mutual intention that the survivor of us shall be entitled to operate the account, withdraw the entire balance, and receive any interest or proceeds thereof in the event of the death of one of us, without the need for further authorisation from the heirs or legal representatives of the deceased account holder.

2. The bank may, upon being satisfied with the death certificate of the deceased holder, act upon the survivor’s instructions for operation, withdrawal, or closure of the account.

3. This declaration is made in accordance with the provisions of the Reserve Bank of India Master Circular on Customer Service in Banks (DBR.No.Leg.BC.21/09.07.006/2015-16 and subsequent updates) permitting such survivorship operations.

4. We further confirm that this arrangement shall remain in force for all renewals, transfers, or conversions of the account unless specifically revoked in writing by both of us.

We request you to kindly keep this declaration on your records for future reference.

Thanking you,

Yours faithfully,

Covering Letter to Bank for Joint Account Survivorship Declaration

To:

The Branch Manager

_______________________ Bank

_______________________ Branch

(Branch Address)

Date: ____________

Subject: Submission of Declaration – Operation of Joint Account under “Either or Survivor” Clause

Dear Sir/Madam,

We are joint holders of Savings Bank Account No. ______________________ maintained at your branch in the names of:

1. Mr. ________________________________

2. Mrs. ________________________________

We wish to confirm that this account is operated under the “Either or Survivor” instruction.

To avoid any future misunderstanding, we enclose herewith a Joint Declaration signed by both account holders, affirming that the survivor shall be entitled to operate or withdraw the balance in the event of the death of either account holder, as per the Reserve Bank of India Master Circular on Customer Service in Banks (DBR.No.Leg.BC.21/09.07.006/2015-16 and subsequent updates).

We request you kindly to:

Acknowledge receipt of this declaration, and

Record it in your branch documents for the above account.

Thanking you for your kind cooperation.

Yours faithfully,

Signature Name

__________________________ Mr. __________________________ (First Account Holder)

__________________________ Mrs. __________________________ (Second Account Holder)

Enclosure: Joint Account Survivorship Declaration (1 copy)

---

✅ Tip when you visit the branch:

Take two copies of both this covering letter and the declaration.

Hand one set to the bank and get the branch seal & signature on the second set for your records.

Covering Letter to Bank for Joint Account Survivorship Declaration

Covering letter.

To:

The Branch Manager

_______________________ Bank

_______________________ Branch

(Branch Address)

Date: ____________

Subject: Submission of Declaration – Operation of Joint Account under “Either or Survivor” Clause

Dear Sir/Madam,

We are joint holders of Savings Bank Account No. ______________________ maintained at your branch in the names of:

1. Mr. ________________________________

2. Mrs. ________________________________

We wish to confirm that this account is operated under the “Either or Survivor” instruction.

To avoid any future misunderstanding, we enclose herewith a Joint Declaration signed by both account holders, affirming that the survivor shall be entitled to operate or withdraw the balance in the event of the death of either account holder, as per the Reserve Bank of India Master Circular on Customer Service in Banks (DBR.No.Leg.BC.21/09.07.006/2015-16 and subsequent updates).

We request you kindly to:

Acknowledge receipt of this declaration, and

Record it in your branch documents for the above account.

Thanking you for your kind cooperation.

Yours faithfully,

Signature Name

__________________________ Mr. __________________________ (First Account Holder)

__________________________ Mrs. __________________________ (Second Account Holder)

Enclosure: Joint Account Survivorship Declaration (1 copy)

---

✅ Tip when you visit the branch:

Take two copies of both this covering letter and the declaration.

Hand one set to the bank and get the branch seal & signature on the second set for your records.

[Rajaram Krishnamurthy]

    Mr R V Rao statement is against the law. Against the RBI regulations. No extra mandate is required as proposed by Mr Rao. had I been there  that manger would have lost the job   If facts of Rao's case were different (like either or survivor clause was not there or struck off or any lettre of intent was given to bank secretly about the right of one holder etc) I have nothing to say. But whether FD or SB the survivor on death without will or probation by producing death cert and ID can pre close or close the account or claim the balance. Vide attachments below: 

K Rajaram IRS 211025

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[krishna rao khanapur]

THE QUESTION IF THE BANK ACCOUNT IS OPENED WITHOUT THE E OR S ONLY FIRST HOLDER IS ELIGIBLE AND THE SECOND HOLDER IS NOT ELIGIBLE TO ISSUE CHEQUE OR DRAW FUNDS,

IF THE CLASE E OR S IS ALREADY EXIST IN THE APPLICATION NO FURTHER ACTION IS REQUIRED.

IF E OR S IS NOT EXISTS IN THE ORIGINAL BANK APPLICATION, IT CAN BE GOD DONE EVEN NOW BY AN APPLICATION SIGNED BY BOTH HOLDERS.

KRISHNA RAO KHANAPUR

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[Surendra Varma]

Based on the information from my bank managers, a joint account holder is free to operate the account without any additional documentation required. However, if he/she wants to close the account, the bank requires the death certificate of the primary account holder.

Suren

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