Joint saving accounts are often discussed. Your family or you will definitely have a joint saving account of someone in the neighborhood. Whenever there is talk about joint saving account. There may be many kinds of questions in your mind that what is a joint saving account? How can we open a joint saving account? And what are the documents we will need to open a joint saving account?
If you also do not have information about the joint saving account. And you want to get information about the joint saving account. Or how you want to open a joint account, joint account, pmsp account benefit in Hindi, joint account meaning, online bank account opening with zero balance, how much money you can deposit in saving account, account transfer application or joint saving account open. So today you will get complete information about the Joint Account through this article.
What is a Joint Saving Account?
By the way, all the individuals need to have their own separate personal account. With personal account, you can do your different work. But many times such a situation arises. Where a joint saving account is required. Often family members need a joint saving account. So that all the members of the family can access the joint saving account. and could transact with it. Joint saving account can be opened by two or more members. Or the name of another member can also be added to an account already in operation.
Today, almost all banks in India can open a joint saving account. The facility of joint saving account is available in all the banks of India. As per the Reserve Bank of India order, there is no limit on the maximum number of members in the account. But still many banks refuse to add more than 4 members to the joint saving account. Do that because. So that your joint saving account can be managed properly. And you don’t have to face any kind of inconvenience.
How many types of joint saving accounts are there?
How many types of joint saving accounts are there before opening a joint saving account? And which saving account will be more suitable for you? It is very important to get information about it. Talk about the types of joint saving accounts, then mainly joint saving accounts are of a total of 4 types.
- Either or Survivor
- Former or Survivor
- Latter or Survivor
- Anyone or Survivor
1. Either or Survivor Joint Saving Account
Whenever we apply for a Joint Saving Account account. And you select either or survivor option in the application agreement documents. So that means it. That’s how many members there are in this account. All members have equal rights in the account. That is, all account holders can use the account equally. And anyone can make any transaction. You can understand this better from the following example.
For example, if a husband and wife open a joint savings account. So in the Joint Saving Account, both the members have equal rights. Both members can operate the saving account equally. If by chance, either of the two spouses dies. Even then the second member can easily operate the account.
2. Former or Survivor Joint Saving Account
Whenever you open a joint saving account. And select the Former or Survivor option on the documents of the agreement. So that means it. That only the first account holder in this account can operate the joint account. You understand this by example and well.
Suppose if a husband and wife open a joint savings account. And in the joint account, the husband is the first account holder. So in such a situation, only the husband can operate the joint saving account. After the death of the husband, the joint account will be able to operate only on the basis of death certificate.
3. Latter or Survivor Joint Saving Account
If a person selects the Latter or Survivor option in the agreement documents while opening a joint saving account. So that means it. That this saving account can only be operated by the second account holder. You can understand well with the following example.
If the husband and wife open a joint saving account. And if the husband is the first account holder, then only the wife can operate this account. Only after the death of the wife, the husband will be able to operate this account on the basis of the death certificate.
4. Anyone or Survivor Joint Saving Account
Whenever there are more than two account holders whenever you open a saving account. So the bank offers you this option. You select the Anyone or Survivor option in the document agreement. So this means that this account can be operated by any member.
Documents required to open joint saving account:
The same documents are required to open a joint saving account. Which is meant to open a personal saving account. To open a joint account, you will need the following documents:
Certificate of Identity – One of the one from one of the Aadhaar card, voter ID card, ration card, driving license, passport etc.
Address certificate – one of the ration cards, bills of water, electricity, etc., Aadhaar card, voter ID card etc.
Passport size photograph of both/all account holders.
How to apply for a joint saving account?
If you already have an account with a bank. And you want to add another member to that account as well. So you can easily connect any other member with your account. And in this way, your savings account can be converted into a joint saving account. To add another member to your account you have to go to your bank branch. And the KYC form has to be filled and submitted in the branch. After which other formalities will be completed by the bank. In which your account will be updated after obtaining your and other member’s identity, address and your business related information.
Along with this, you can also apply for a new joint saving account. You can visit any nearest bank branch and open a joint saving account. At the time of filling the Joint Saving Account form, the name of the person in the form will be entered first. He will be the initial account holder. And the person whose name will be recorded after that. He will be the secondary account holder.
If you invest in joint saving account, then who will get the benefit?
If you have a joint savings account. And you’ve invested in a plan. So the investment will be in the name of the initial account holder only. And the dividend of interest etc. will also come in the name of the initial account holder only in the name of the same. All types of information and information related to the investment etc. will also be provided by the bank only to the initial account holder. You can understand it like that too –
If the husband and wife have a joint saving account. And the wife does not do anything. And the wife has invested the money deposited in the joint saving account somewhere. So the interest and other benefits received from it will be in the name of the initial account holder. All types of taxes, interest, TDS, etc. levied on it will be the responsibility of the initial account holder.
Who will get the benefit after death?
If the initial account holder dies by accident. So the secondary account holder can become the initial account holder by submitting the death certificate to the bank. And after that all the rights of account are transferred to him.
So friends this was the necessary information about the joint saving account. If you like this information on how to apply for joint saving account, application to change joint account to single, how to write application for joint account in bank, then share it with your friends. And if you have any kind of question, comment in the comment box below.