Open a Joint Savings account For Couples, Joint Bank Account | IndusInd Bank (2024)

FAQs

Which bank is best for a joint account for couples? ›

In India, several banks offer Joint Account options. For instance, Axis Bank offers Joint Savings Accounts that you can open with your spouse or other family members. The Axis Bank Family Bank also allows family members to open individual accounts for each of the family members and link them together as a family.

A joint savings account can be a convenient way to share the responsibility of mortgage repayments and household bills with two or more other people. Much like a joint current account, you don't usually have to be married to the co-owner of the savings account. They could be a partner, relative, friend or flatmate.

Select "joint account" when you fill out your application or, after you fill in one person's information, choose to add a co-applicant. Both people may need their Social Security number, birthdate, mailing address, photo ID, and information for the accounts you plan to use to fund your new account.

One of the most common ways for couples to combine finances is by opening a joint bank account where both parties can deposit and withdraw funds. You can open a joint bank account regardless of your marital status. Although keeping joint accounts works well for some couples, it can be risky for others.

Joint checking accounts promote trust and transparency.

In order to manage money together successfully, couples must be open about their financial wants, worries and goals.

Lack of control. You cannot control how the other party spends your money. If your partner decides to spend frivolously, you will both feel the blow.

Who Pays Taxes on Interest From a Joint Bank Account? If you have a joint account, you both may have to pay taxes on a portion of the interest income. However, the bank will only send one 1099-INT tax form. You can ask the bank who will receive the form because that person has to list the income on their tax return.

The money in joint accounts belongs to both owners. Either person can withdraw or spend the money at will — even if they weren't the one to deposit the funds. The bank makes no distinction between money deposited by one person or the other, making a joint account useful for handling shared expenses.

If you plan to do it in person, both account holders will need to be present. Regardless of where or how you open your account, you'll need to provide basic identification: driver's licenses, state IDs or passports.

You can open a joint account with a friend. Both of you have to fulfill the KYC requirements of the bank. Most banks can open joint accounts for unrelated individuals. Savings account doesnt allow too many transactions and offers higher interest rate than current accounts which allow more transactions.

Who gets money in joint account after death? ›

What are common ways to hold a joint bank account? Most joint bank or credit union accounts are held with “rights of survivorship.” This means that when one account owner dies, the money passes to the surviving owner, or equally to the rest of the owners if there are multiple people on the account.

If you decide to open a joint account, you'll need proof of identification and proof of address. Depending on your bank, you may need more than one proof of address document. There are a number of different documents you can use which are accepted, some common types include: Passport.

Together, you can choose the checking or savings account that works for you. To open a joint account, you'll need: Identification for both account owners, like a driver's license, state ID or passport. Personal information for both account owners, including your date of birth, Social Security number and current address.

Primary account holders are legally responsible for the account. Primary account holders can name others as "authorized users" on the account, but they remain responsible for it. Joint account holders share responsibility for that account and both are considered primary account holders.

Joint checking account: Used for everyday expenses and bill payments. Joint savings account: Used for saving money and earning interest. Joint investment account: Used for buying and selling investments like stocks, bonds, and mutual funds. Business joint account: Used by business partners to manage finances jointly.