What are the various modes of operation?
A. 8: a) Accounts opened in only one name Mode of operation: Single b) Account opened in two names: Either or survivor – Account owned equally by the two account holders and for transactions / issuing instructions only one of the two needs to sign. Both or Survivor – Account owned equally by the two account holders but for transactions / issuing instructions both will have to sign Former or Survivor – Account owned only by one person (the first applicant). The second applicant does not have any rights to transact / operate the account. Latter or Survivor – Account owned only by one person (the second applicant). The first applicant does not have any rights to transact / operate the account. c) Acccount opened in three names: Anyone or survivor(s) – Account owned equally by all the three applicants and and for transactions / issuing instructions only one of the three needs to sign. First or survivor(s) – Account owned only by one person (the first applicant). The 2nd and 3rd applicants
