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Things You Must Know Before Opening a Joint Savings Account
Posted on Monday, January 17th, 2022 | By IndusInd Bank
A joint account comes with the convenience of giving your family or loved ones access to a shared pool of funds. If there’s any unexpected expense or a family member is going out of town, a joint account can be of immense help. All account holders in a joint account can perform monetary transactions, have individual debit cards, and can access the account online. But, opening a joint account means some careful planning. Having said that, let’s look at the factors to consider when opening a joint account:
Plan your budget
A joint account is mostly used for managing household expenses such as groceries, utility bills, and more. It can also be a place to save money for future expenses. When opening a joint savings account, you need to plan which account holder will be contributing what amount so that there are no gaps at the later stage.
Decide the mode of operation
When opening the account, you need to decide the mode of operation of the account. All the account holders can operate the account individually or might need the signature of all the members for performing transactions.
Compare joint account benefits offered
Different banks offer different interest rates, benefits and banking charges for opening a joint account. You can opt for a bank that has additional benefits such as locker, free ATM and more.
Indus Partner: A Newly Introduced Joint Savings Account by IndusInd Bank
Indus Partner is one of its kind of joint savings account for couples, life partners and households who have shared financial goals and investment dreams.
Eligibility
The Joint Account Holders (upto 2) with MOP can be father-son, spouses (LGBT), mother-daughter, brother-sister and mother-son.
Relationship Criteria
- Savings Account AQB– Rs 1,00,000
- Initial Payment-Rs 1,00,000
- Surrogate (SA+FD)-Rs 10,00,000
Benefits
- Free 4 add-on accounts for family members
- Free VISA Signature debit card for both the account holders
- A dedicated relationship management team and priority servicing
- Small and medium locker free for first year and 50 percent discount second year onwards
- Demat AMC waiver for the first year
- Free FASTag issuance against Indus Partner Account holder
Final Words
Opening a joint account is a wonderful thing because it makes money management easy and better. When opening a joint account, make sure the other person is completely trustworthy and has similar financial goals. If you want to open an Indus Partner account, get in touch with our customer service team that will be delighted to assist you.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
