A joint account is a type of bank account which allows more than one person to own, operate and manage it. A joint account is a simple way to keep track of your and your family's finances.
With a joint account, all account holders are allowed to view transactions, carry out transactions, hold a debit card, and pay money in. Union Bank Of India offers the option to open joint account. It is very easy to open a Joint Account in Union Bank Of India
Remember that if you want your independence and do not want to share your financial details with others, you should avoid opening joint account.
Following are the main reasons of opening Joint Bank Account:
Following Types of Joint Account are offered by a bank:
| Type | Description |
|---|---|
| Joint | The account can be operated by the signs of all the account holders. If any of the account holders dies, the account cannot be continued further anymore and needs to be closed immediately. The proceeds of the account will be given to the surviving account holder/s |
| Joint or Survivor | The account can be operated by the signs of all the account holders. If any of the account holders dies, the account can be continued and operated further by the surviving account holder/s |
| First holder or Survivor | Account has to be operated only by the first holder till the time he/she is alive. The other holder/s can transact only after the death of the first holder |
| Either or Survivor | There are only two account holders in this type of account. Account can be operated by any of these two account holders |
| Anyone or Survivor | There can be more than two account holders in this type of account. Account can be operated by any of these account holders |
Individuals are allowed to open a joint account in Union Bank Of India.
Generally, married couples, partners, roommates, senior citizens and parents with their children open a joint account.
Minor, HUF, proprietary/ partnership firm, LLP, company, AOP, body of individuals (BOI), local authority, trust and registered society cannot open joint account.
Following Documents are required for opening a Joint Account (applicable to all the joint holders):
Now, if you want to know process to open Joint Account in Union Bank Of India, then you need to follow below mentioned steps:
Step 1: Visit to the bank and fill up the Account Opening Form of Union Bank Of India with Mode of Holding as "Joint".
If you want to open your Union Bank Of India account in joint names, the first step is to visit the branch of Union Bank Of Indiawhere you want to open your joint account and fill up an Account Opening Form with all your pertinent information. Alternatively, you can download it from bank's website. Usually, there can be maximum 3 number of joint holders in any account. You need to write the names of all the account holders in the form. You can select anyone of the following modes of holding:
After that all the account holders need to affix their signatures in the places meant for them in the form before submitting it to the branch manager/ officer-in-charge.
Step 2: Submit Required Documents of all the Joint Account Holders
All the holders of the account need to attach a copy of KYC documents i.e. a copy of PAN, which also serves as your proof of identity and a proof of address to the account opening form. The account holders may also be asked to self-attest these documents.
Step 3: Submit Account Opening Form to the Banker of Union Bank Of India along with relevant documents
You need to submit account opening form to the banker along with all the necessary attachments.
Step 4: Verification of Account Opening Form (AOF) & Other Documents by the Banker
The branch manager/ officer-in-charge will verify Account Opening Form (AOF) and other attached documents. If he is satisfied with these requirements, he will proceed further.
Step 5: Collect acknowledgement slip of Account Opening Form from Union Bank Of India
Once your documents are successfully verified, the banker will give you acknowledgement slip of Account Opening Form. After that the banker will process your application. Generally, the account is opened in 2 to 3 days time.
Joint bank accounts operate much like traditional bank accounts. A bank account held jointly by two or more persons may have an "and" or an "or" classification between the account holders. If the account is classified as an "and" account, all the holders need to sign for access to the funds or for making the financial transactions. If it is an "or" account, it is sufficient to have only one holder sign to access the account balance.
Joint accounts allow all the holders to issue cheques, do online fund transfer, withdraw funds from ATM and use a debit card. Joint accounts keep your money safe and pay interest on your investment.
In the Joint bank account, all the account holders who own the account have full control over it. They can execute the financial transactions in the account, add funds or withdraw funds from the account. Funds kept in joint accounts belong to all the account holders. Any of the account holders can spend the money at his/ her will, even if he/ she is not the person who has deposited the funds in the joint account.
Hence, the joint bank account should be opened only with someone whom you trust as those persons will have equal and full control over the account's funds.
(1) All of the bank account holders have the right to access information about the account, such as
Therefore, it is important to share all such information with all the holders so that no misunderstandings happen.
(2) Every account holder will be responsible for the full amount owed, not just his share, for any debts related to the account.
(3) Each account holder will have to share equal responsibility for any fees or charges incurred.
(4) All the joint account holders share the same rights and can access all the information about the joint account as the primary account holder.