New Delhi: While opening a joint account many people mistakenly believe that only married couples are able to open a joint account. However, the truth is you do not have to be married to open a joint account. Any two or more individuals can open a joint bank account, including married couples, unmarried partners, family members or business partners. Banks do not ask for marriage certificates during the opening of a joint account. Banks only require KYC documents as identity and address proof.
What is a joint bank account and who can open it?
A joint bank account is an account opened by two or more individuals that grants each person equal ownership and access to the shared funds. Either person can operate the account independently and withdraw the full balance. Both holders of a joint account are equally responsible.
A joint bank account could be opened by couples, business partners and family members as it promotes shared responsibility and collaborative financial planning.
Benefits of joint bank account
Easy finance management
A joint bank account streamlines fund management by enabling multiple individuals to pay bills, save for common goals and make purchases from a single account.
Probate avoidance
One can avoid the probate process by maintaining a joint account. In case of the death of one account holder the surviving joint holder can access the money directly and avoid the lengthy process and delays.
Convenience
Managing a joint account is easy and flexible. Transactions can be carried out smoothly and efficiently by any account holder whether it is about withdrawing cash, paying bills or making online purchases.
Better financial planning
Through collaboration and resource pooling, account holders can engage in disciplined financial planning which ensures greater security and stability.
Improved credit score
A stronger credit profile can be achieved by maintaining a joint account with regular deposits and timely bill payments.
How to open joint account?
All banks that offer savings accounts also offer joint accounts in India.
Eligibility: All account holders must be above 18 years of age.
KYC Compliance: Aadhaar card, PAN card, passport-size photographs.
Verification: Both parties must be present for in-person verification.
To open the joint account, select the bank and type of account.
Fill in the joint account opening form.
Select the mode of operation of the account (either or survivor or jointly)
Submit the application forms and documents.
Make the initial deposit if required.
