Opening a joint account with parents or a spouse? Read these five rules

A joint bank account allows two or more people to operate the same account, pool income, pay shared bills and access funds during emergencies. For couples or ageing parents and adult children, it can simplify day-to-day finances. But Indian banks offer different “modes of operation,” and choosing the wrong one can expose you to blocked access, tax confusion or disputes later. The safest approach is to decide the rules upfront rather than fixing problems after something goes wrong.

Understand the operating rules before you sign

Indian banks typically offer three operating choices: “Either or Survivor,” “Joint,” and “Former or Survivor.” Either or Survivor gives both people full access to withdraw, transfer and operate independently, while Joint requires signatures from everyone for every