Joint Bank Account: These Benefits of Opening a Joint Account in The Bank

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Disadvantages of joint account, How to open a joint bank account online, Advantages and disadvantages of joint account, ICICI Bank joint account benefits, Axis Bank joint account, Why joint bank accounts are bad, HDFC joint account, IDFC joint account

Joint Bank Account: In today's time, the trend of joint bank account is increasing rapidly to increase financial security and convenience of operations. According to the guidelines given for such accounts by the Reserve Bank of India (RBI), two or more persons can open a joint account.

This account can be best not only for business partners but also for spouses or other family members. In these types of accounts, debit cards can also be issued in the name of the account holders. Which makes financial transactions even easier.

This facility is available in joint account

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This is the biggest feature of joint account. That any account holder can withdraw the deposited amount. These types of accounts can be of two types. Permanent or temporary. If one of the account holders dies. So other person can operate it. Which is an important aspect of financial security.

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Minor account is for small account holders

Bank accounts can also be opened for children. Which are called minor accounts. These accounts are opened jointly with the parents. In which only the parents use the account on behalf of the minor. This ensures the safety of money deposited in the name of children. And they can also be educated about the need for saving.

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Partnership facility is anyone or survivor

When two or more people together open a joint account. So it is called anyone or survivor account. In this type of account any of the depositors can access the account at any time. This account is especially useful for business partnerships or families. Where all members need equal financial rights.

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Former or Survivor Back Account

There is another type of joint account. 'Former or Survivor' in which the first account holder can primarily use the account. Only after his death another person is able to use this account. This type of account requires special documentation such as a death certificate. Which confirms the death of the person concerned.

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Publish Date: March 28, 2024

Posted By Sunil

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