Difference between Joint Savings Accounts and Individual Savings accounts

Posted on Tuesday, May 9th, 2023 | By IndusInd Bank

A joint savings account is similar to an individual savings account, except that the former is held by more than one individual. However, there are also differences between the two types of accounts in terms of access, benefits, accountability, and privacy.

The ubiquity of banking services today has made sure that nearly every individual begins their banking journey with a basic, individual savings account. But while many people continue operating such a savings account their whole lives, others veer towards a joint savings account, in view of their specific personal and financial priorities. As the name suggests, a joint savings account is a type of savings account which is held by more than one account holder unlike a single or individual account that can have just one account holder. Read on to know more about the differences between a joint and an individual savings account to figure out which one may be right for you.

Joint Savings Account: A Brief Overview

Contrary to what most people think, joint savings accounts are not just for spouses or married couples; they can be used by business partners, siblings or family members, and even between a parent and their child. Here’s a look at the different modes under which a joint savings account can be operated in India:

• Either or Survivor: There are two account holders, a primary and a secondary account holder. Either or both can access and operate the account. If one of the account holders passes away, the surviving individual receives the final account balance.
• Anyone or Survivor: It is similar to the aforementioned, except that it can be operated by more than two persons. All the account holders have equal access rights to the account. If one of the account holders passes away, others can continue using the account.
• Former or Survivor: It can only be opened by two individuals; but only the primary account holder can use the account. The secondary account holder can operate the account only upon the death of the primary account holder.
• Latter or Survivor: Unlike the above-mentioned, the secondary account-holder operates the account. The primary account holder can access and operate the account after the demise of the secondary account-holder.
• Joint: It can be opened by more than two people. However, all the account holders must operate this account ‘jointly’ i.e. no account holder can make transactions without the consent of other account holders. If one of the account holders dies, the account is rendered inoperable.
• Joint or Survivor: This is just like the above-mentioned joint account except that the demise of an account-holder does not render the account inactive.

Differences between a Joint Savings Account & an Individual Savings Account

The table below elucidates the key differences between the two types of accounts in various areas:

Why Indus Partner Savings Account?

Indus Partner from IndusInd Bank is a one-of-a-kind joint savings account for married couples, and families with shared financial goals. Brimming with offers and services for managing your money, planning your investments, and meeting household needs, Indus Partner gives you (both!) everything you could wish for. The salient benefits are as follows:

1) Free movie tickets every year from bookmyshow.com (worth INR 5600 X

2) 100% discount on locker for year 1 (worth up to INR 10000)

3) Total Annual Discount on groceries on bigbasket.com (worth INR 6000 X 2

4) Total Annual Discount on online food delivery on Swiggy (worth INR 7200 X 2)

5) Cashback on shopping using Visa Signature Debit Card (worth INR 6000 X 2)

6) Facility to group accounts of up to 4 family members so as to provide relationship benefits across the grouped accounts

7) Free Insurance cover worth INR 33.5 lakhs with your Visa Signature Debit Card

8) Complimentary annual Times Prime Membership (worth INR 999)

The Indus Partner Joint Savings Account is available under the following modes of operation: Either or Survivor OR Anyone or Survivor.

With double the benefits and services, Indus Partner promises to be an ideal banking partner for you and your partner!  Apply for the Indus Partner Joint Savings Account today!

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.