Definition and Purpose

• A joint account is a bank account operated by two or more individuals together.
• It allows all account holders to manage funds collectively.
• Joint accounts are commonly used by spouses, business partners, or family members.
• The account is designed for shared financial activities.
• It promotes transparency and joint control over funds.

Modes of Operation

• The account can be operated jointly or by any one of the holders.
• “Either or Survivor” mode allows any holder to operate the account independently.
• “Jointly” mode requires all holders’ signatures for transactions.
• Custom operation modes can be set as per the holders’ instructions.
• The mode is decided at the time of opening the account.

Documentation and Opening

• All applicants must complete the account opening form together.
• KYC documents for each account holder are required.
• Passport-size photographs must be submitted by all applicants.
• Bank will verify the details and identities before opening the account.
• An account agreement stating rules and operation modes is signed.

Benefits of a Joint Account

• Simplifies management of shared expenses and savings.
• Enhances transparency in financial dealings among account holders.
• Facilitates smooth access to funds in case of an emergency.
• Useful for elderly individuals who want assistance in managing finances.
• Enables pooling of resources for common goals.

Closure and Survivorship

• Account can be closed only with the consent of all holders.
• In “Either or Survivor” mode, surviving holder(s) continue operation after one’s death.
• In “Jointly” mode, account freezes until legal formalities are completed.
• Bank follows specific procedures for succession and closure.
• Nominee details are important for smooth transfer of funds.