A joint account in a bank works like a regular bank account and is shared by two or more people. These accounts can be created permanently, for example, an account between two family members or spouses where both can deposit their salaries. It can also be created temporarily for a shorter period of time between two parties to collect funds.
Joint accounts offer several features and benefits that make them useful for different purposes. Here are some of the common features of joint accounts:
A joint account is a financial arrangement where two or more individuals share ownership and access to the same bank account. Given below is a detailed explanation of how a joint account works:
The process of opening a joint bank account is similar to opening an individual bank account. One can open a joint account along with their co-owners online or by visiting the bank branch.
Here are the steps that must be followed while opening a joint account offline through the bank branch:
Given below is the process for joint account opening online through the bank's official website:
Step 1: Choose a bank that offers online account openings for joint accounts.
Step 2: Go to the bank's official website.
Step 3: Check the account options and select the type of joint account you want to open.
Step 4: Click on the "Apply Now" or "Open an Account" option to start the application process.
Step 5: Fill in the required personal information for all the account holders, such as names, addresses, and contact details.
Step 6: Review and accept the bank's terms and conditions.
Step 7: Determine how you will fund the account, i.e., either transferring the amount from an existing account or through deposit.
Step 8: Upload the identification proof and address proof of all the account holders for verification purposes.
Step 9: Carefully review all the information you have provided for accuracy, and then submit the application.
Step 10: The bank will review your application, and once approved, you will receive confirmation along with the joint account details.
A joint account passbook is an important document provided by the bank while opening a joint bank account. It contains all the information related to the joint bank account, including credit and debit details, account number and transaction date. It is used to track transactions and account balances of the bank account.
It is similar to an individual bank account passbook. All the account holders can access the Joint Account Passbook to track the transactions of the bank account.
Below are the details that are included in the joint account passbook: