Valentine's Day 2024: Seven benefits of joint savings account offered by SBI, HDFC, ICICI, and other banks

livemint.com:

Valentine's Day, today, 14 February 2024, let's understand the importance of a joint savings bank 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. 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. 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.