7.6 TYPES OF ACCOUNT HOLDERS IN BANKS

Bank accounts are of different types which are used to serve different needs. Also, the usage of accounts depends on our goals, it’s always good to put the money into the best account and attain good benefits from it. Doing this allows us to make growth in our money or return from our bank. Basically, the prime objective of banks is to collect money from the public. Therefore, for this purpose accounts are to be opened in the bank. In India, anyone who is legally capable can open an account with a banker. While going through the types there are different types account holders.

Individual Account Holder (Single or Joint)-

An individual can open his/her account in the following two categories:

Single account- It means account could be operated singly mode or an individual can only operate the account.

Joint Account- This kind of account is opened when more than one individual want to operate from the same account. It could be opened in the names of two or more persons. When an individual wants to open joint account with a bank, then a precise set of instructions has to be accepted by all the account holders in writing like which members are entitled to draw cheques from the account, in the event of the death who will be the nominee of the account etc. This document (in written) has to be signed by all the account holders in whose names the joint account has been opened.

Company Account-

A company can also open the account in its name, but the account has been taken care
of by company owners.

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