If you want to open an account jointly with your spouse or any other individual, you can choose from the different options available with State Bank of India (SBI).
The bank has three types of joint accounts: Joint accounts in the name of two individuals, Joint accounts in the name of individuals and minors and Joint accounts in the name of two adults and one or more minors who are their relatives. Here is a step-by-step guide on how to open a joint account at SBI by fillup the form.
What is a joint account?
A joint account can be opened by 2 or more persons, who may be related or unrelated. It is jointly operated by these account holders and all of them are liable for transactions carried out through such an account.
However, if one of the account holders passes away then his/her share in that account will be inherited by his/her legal heirs. The survivor will continue to operate that account on behalf of himself/herself as well as on behalf of the deceased’s legal heirs.
If a person wishes to open a joint bank account with another person (who may or may not be a relative), he/she should ensure that they have mutual trust and confidence in each other.
Documents required for opening a joint account with SBI Bank
The following documents will have to be produced at our Bank Branch while opening a Joint Account:-
1. Valid Identity Proof (Passport/ Driving License/ Voter ID Card/ PAN Card).
2. Residence Proof (Passport/ Electricity Bill/ Telephone Bill/ Ration Card).
3. Both applicants must be above 18 years of age. If they are minors, then they should be accompanied by their legal guardians while opening a joint bank account. For example, if two brothers under 18 years of age want to open a joint bank account with SBI, then both should be accompanied by their father.
4. If either Account Holder is an NRI, he/she will have to produce his valid Passport in addition to all other documents mentioned above.
Benefits of having a joint bank account
There are many benefits of having a joint account with SBI Bank. One of the primary benefits is that both account holders have equal access to funds and can make transactions without the consent of the other account holder.
Additionally, a joint account can help you manage your money better. As a joint account holder, you will be able to see your spouse’s or partner’s spending habits and budgeting decisions. This can help you make informed financial decisions in the future.
Lastly, a joint account can be used as an estate planning tool. When one account holder dies, the other account holder will be able to access and manage the deceased account holder’s funds.
- A joint account can be opened in any of our bank branches by two individuals.
- Both Account Holders are equal Partners in such an Account.
- The amount is shared equally between them and each Account Holder has a right of use and a right of withdrawal on their respective share in such an Account.
- A Joint Account can be opened by two persons irrespective of their gender, marital status or nationality provided they are above 18 years of age. A minor (who is below 18 years of age) cannot open a joint account either in his/her own name or jointly with another person.
- If one Account Holder dies, his/her share in such an Account will devolve on his/her legal heir(s).
- Joint Accounts may be opened for savings as well as current accounts. Any number of persons can jointly open a joint Savings Account and only two persons can jointly open a Current Account.
Joint account holder responsibilities
As a joint account holder, you are responsible for all transactions made on the account. This includes ensuring that all expenditures are accurate and that all bank account information is up to date.
If one of you disputes an expenditure or loses confidence in the other person’s spending, they must immediately notify the bank. In order to help make this process as smooth and stress-free as possible, it is important to have a clear understanding of each other’s responsibilities.
Make sure to discuss account information and transactions frequently, and always consult with your bank if there are any doubts or questions.
Download & Procedure for opening a joint account with SBI Bank
First of all, you have to take a photocopy of your PAN card and Aadhar card. Then go to any branch of State Bank of India. After that tell me about your wish for opening a joint account.
It is essential for you that both individuals are present in person while opening a joint bank account with the State Bank of India.
A Pan Card is necessary because each individual must have one before opening a bank account. Also, it is important to note that only one signature will be accepted on cheques issued from joint accounts at the State Bank of India. The other individual’s name will appear on these cheques as a signatory or authorized representative.
Please note that if either party wants his/her name to appear on all documents then he/she has to open an individual account as well as a joint account with the State Bank of India.
You can also contact customer care number 1800-180-3426 for more information.
When you fill up an application form for opening a joint account with the State Bank of India, please remember that there are some mandatory details that you should not miss out on.
Particulars of first holder
First holder is an Indian National. He/She should be of 21 years of age or more as of 01st April of every year. NRI/PIO status may not be considered for opening the first holding account.
In the case of a minor, first holder has to be the guardian and his/her passport copy will have to be submitted along with a birth certificate copy and original PAN card copy of the Guardian, Permanent Account Number (PAN) should also be provided.
Particulars of a joint holder(s)
Every joint holder needs to have his/her details filled in. Be sure that you do it correctly and accurately if you make any mistake, then your savings bank account will not be considered a joint account.
You may consider your father or mother, brother or sister, spouse or friend as a joint holder in your savings bank account.
However, one has to remember that age should not be more than 60 years old at the time of death.
Can I open a savings account in SBI if I don’t have a PAN card?
Yes, a savings account can be opened with SBI without a PAN card. However, some limitations may apply depending on the bank account type. Please consult SBI banks website for more information.
How can I change an SB account to a joint account in SBI?
There are a few ways to change an SB account to a joint account in SBI. You can either open a new joint account and transfer the funds over, or you can convert the SB account into a joint account.
To convert/open a new joint account, Download the given forms. The account will be opened in both your names, and you will have equal access to the funds.
Can I open a bank account with a PAN card acknowledgement?
Yes, you can open an account with a PAN card acknowledgement. You will also be required to submit supporting documents such as your proof of address and income proof.
If you are opening a joint account, one individual must have his/her name listed first while another individual’s name should be listed second. This is not a legal requirement but merely a bank policy.
It has been given above that how to open a new joint account in the State Bank of India. Now let’s see what are all things you need to know about a joint account in SBI. Read it carefully and let us know if you have any queries regarding it. – Download the SBI Saving Account form for individuals.