In the modern banking era, having a Bank Account is necessary and advantageous. A Bank Account lets you park your money and instantly access it. Through your account, you can make various transactions and pay utility bills. An account also helps to make investments and secure credit. There are different types of accounts to access. You can open an account matching your requirements.
Savings Accounts are the primary account almost everyone opens early on. It lets you securely hold your money. You also earn a competitive interest rate on your deposits. This means your money keeps growing. You can use the account to fulfil your everyday banking requirements in a hassle-free manner. You can open Bank Account online or offline.
About Joint Savings Account
When you hold your account with one or more individuals, it is called a Joint Savings Account. They work like a regular Savings Account. The only difference lies in its operation. Only you can operate the standard Savings Account. There are different types of Joint Savings Accounts. You or both account holders can operate the account depending on the type.
You can open a Joint Savings Account by completing a simple procedure. All account holders should complete the KYC requirement. You can visit the nearest branch or use the Banking App to open an account.
Types of Joint Savings Accounts
Following are the types of Joint Savings Accounts you can open:
- Joint Accounts –All account holders should sign all transactions. If one account holder dies, the account is declared inoperable. The account balance gets transferred to the survivor.
- Anyone or survivor – More than one person can hold such an account. Not all account holders need to sign off transactions.
- Joint or survivor – This type works like a regular Joint Account. However, if one account holder dies, the survivor can continue to operate the account.
- Either or survivor – There are primary and secondary account holders here. Both account holders can operate the Savings Account.
- Former or survivor – Here, only the primary account holder can operate the account. If the primary account holder dies, the survivor can operate the account.
- Latter or survivor – Here, only the secondary account holder can operate the account. If the secondary account holder dies, the primary account holder can operate the account.
Joint Account rules and regulations
- Deposits – The deposit rules for all Joint Account varies. You should reach out to your bank to know the deposit rules related to your Bank account.
- Withdrawals – Typically, only one account holder can withdraw from most Joint Accounts. In the case of an either-or survivor and anyone or survivor account, all account holders can withdraw.
Account closure – A Joint Account can be closed anytime. All account holders should sign off on the account closure. Like account opening, the closure process of the account is simple. You can do it offline or online.