Change in a joint account

Question

My father and my mother are joint owners of a saving account in Punjab national bank Jalandhar Punjab. Now they want to change the nominee of the account. Do both of these joint owners require to visit the branch personally to change the nominee of the account or one joint holder himself can do so by visiting the branch alone.

Dheer · Answer

It would depend upon the bank policy. Generally bank would need the nomination from filled and signed by both. The form can be submitted by any one.

kabZX · Answer

You need to check with the Bank to determine if the account is "Either - or- survivor" which means that either party can make any change to the account.
If the account was created with one party being under-18 then some additional restrictions apply. Your best bet is to contact the home branch.

Change in a joint account

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