Banking Awareness - Types Of Bank Accounts
In which joint account type does survivorship apply but independent operation is allowed during lifetime?
In which joint account type does survivorship apply but independent operation is allowed during lifetime?
medium Q7 of 15
Step-by-Step Solution
Step 1: Identify independent lifetime operation.
Operation is allowed by one holder.Step 2: Check survivorship clause.
Survivor continues after death.Final Answer:
Either or Survivor → Option CQuick Check:
Independent operation + survivor benefit = Either or Survivor ✅
Quick Trick: Independent + survivor = Either or Survivor.
Common Mistakes:
- Selecting Anyone or Survivor when survivor rule is specific.
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