What is Joint Account in Retail? Explained

A "joint account" in banking refers to an arrangement where two or more individuals share equal access to a single bank account. Widely utilized by couples, family members, or business partners, this account structure enables collaborative management of finances. All account holders have the authority to conduct transactions, making it a practical option for shared expenses and financial collaboration. Clear communication and mutual understanding among account holders are essential to ensure smooth financial operations and prevent misunderstandings.