An account opened by more than one individual can be operated by single individual or by more than one individual jointly. This is called a joint account.
However, on death of depositors, the nominee gets access. In case there is no nomination and all depositors die, legal heirs of all depositors will get the money.
The various ways in which they can be operated are as follows:
EITHER OR SURVIVOR
This is the most common type of joint account. In this case the account is held by two individuals say, A & B, the final balance along with interest, if applicable, will be paid to survivor on death of anyone of the account holders.
ANY ONE OR SURVIVOR
If the account is held by more than two individuals say, A, B and C. Here anyone can operate the account. The final balance along with interest, if applicable, will be paid to the survivor on death of any two account holders.
FORMER OR SURVIVOR
If the account is held by two individuals say, A & B, only A can withdraw the amount from the bank. In case A dies only then the B will be able to withdraw funds.
LATTER OR SURVIVOR
This type of account is very similar to Former or survivor but here the second account holder can operate the account and withdraw the funds.
A savings bank account can be opened in the name of minor jointly with a guardian.