Jt A/c meaning in Banking ?

Answer: What is Joint Account mean?

A joint account is a bank account that has been opened by two or more individuals or entities. Joint accounts are commonly opened by close relatives (such as by a married couple) or by business partners, but it can be used in other circumstances, such as by a club committee.

Normally, any person can deposit funds into a joint account, but when opening an account the joint account holders may indicate to the financial institution whether a single account holder may make withdrawals or whether the consent of other account holders is required.

A joint account is not the same as adding an authorized signatory or additional cardholder to an account, a person who is authorized by the account holder to effect transactions on the account, an arrangement under which the primary account holder remains fully and solely liable for all transactions on the account. Accounts by corporate entities are not, in themselves, joint accounts.

In some jurisdictions there is a significant legal distinction between joint account holders being described as “and” rather than as “or”. If joint account holders are described with an “and”, a survivor may have difficulty accessing funds in the joint account on the death of one account holder.

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