Privacy often surrounds our financial matters. However, upon marriage and having a partner, the significance of sharing finances becomes evident. Financial planning is crucial for married couples as well. On this Valentine's Day, today, 14 February 2024, let's understand the importance of a joint savings bank account.
What is joint savings account?
Are you looking to open a joint savings account with your spouse? All banks that offer savings accounts, allow you to open a joint account. According to the Reserve Bank of India (RBI), there is no restriction on the number of account holders who can jointly share one account. However, some banks restrict the number of joint account holders to four.
A joint savings account provides different operating options, such as "either or survivor," "anyone or survivor," "former or survivor," and "latter or survivor." These terms specify how the account functions and outline what happens to the funds if one account holder passes away.
Benefits of joint savings account
1)Joint account holders can collectively make decisions
2)Both holders have access to the funds, simplifying access when needed.
3)Joint accounts typically offer higher interest rates than individual accounts, making them advantageous for saving money.
4)They provide a convenient means to transfer funds between two individuals.
5)Joint accounts can also be utilized for joint investments and other financial activities.
6)A joint account is a simple way to keep track of your and your family’s finances.
7)Most banks also offer additional benefits on joint accounts, such as debit cards and cheque books for each holder.
List of banks offering joint accounts in India
SBI, ICICI, HDFC, Ujjivan Small Finance Bank, Yes Bank, Kotak Mahindra, RBL Bank, DBS, IndusInd and IDFC First Bank are among some of the lenders offering joint accounts.
Benefits of IndusInd Bank joint account
Savings Worth ₹65,900: Cashback, free movie tickets, fee waivers & more
Free Small/Medium Lockers for 1st Year: 50% off Second year onwards
Family Banking: Share your Account privileges with up to 4 family members- FREE
Movie Tickets and Discounts on Grocery/ Food Delivery: Joint Savings Account
Free Times Prime Annual Membership: Benefits on Food, Entertainment & Health
Free movie tickets Via BookMyShow: Buy One Get One free movie tickets Via bookmyshow.com
Complimentary Airport Lounge: on Visa Signature Debit Card
Cashback & Rewards on Debit Card: Earn up to 6X reward points for every ₹200 spent
(As per IndusInd Bank's website)
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First Published:
14 Feb 2024, 10:02 AM IST
Business NewsMoneyPersonal FinanceValentine’s Day 2024: Seven benefits of joint savings account offered by SBI, HDFC, ICICI, and other banks
