How to open a Joint Account?

A Joint Account is always helpful in tackling the household bills and the common expenses. It will be more convenient if the bills are paid from a common account than a single account. The account proves to be of more help while meeting these expenses even in the absence of one of the partners. Through the instructions given to the bank any one of the account holders can also operate the account with his signature, in the absence of the other partners.

The Joint Account also helps to ensure that the money is only paid through this account when all the partners have signed. In this case the bank should be given instructions to restrict access in this way, by requiring all the account holders signing together.

Many people find it easier to handle their monthly budgets, by transferring money from their personal accounts to a separate Joint Account of the family, which can be used to pay the household bills.

Opening a Joint Account

Starting a joint account is simple. First get the applications forms from the respective bank in which you wish to open the Joint Account.

While filling up the form, clearly mention names of the Joint Account holders, and how you want to operate the account.

• Whether it is payable to all of them or any one of them or the survivor or survivors of them.
• Whether it is payable to either of them or their survivors. .
• Survivor of a particular person during his lifetime or survivors jointly or survivor or former/latter.

Once the bank procedures are finished, you and your partner can start using the joint account.