Can I debit a joint account separately?
September 12, 2020
|By Web Admin
- Joint accounts shall be maintained in the name of two or three individuals to jointly operate the account;
- Joint accounts can be “And Account” and “And/or Account”.
- The nature of “And Account’ is that all the parties should be present at the counter of the bank to give payment instruction and withdraw money whereas “And/or” account type allows individual account holders to withdraw money and give payment instructions separately.