How to Close Joint Account in Jharkhand State Co Operative Bank Ltd
A joint account is a bank account that is owned by more than one person. In India, joint accounts are common among families and businesses as they offer several advantages such as ease of access to funds and shared financial responsibility.
A joint account with "joint" ownership means that all account holders have equal rights and access to the account. This type of account requires the consent of all account holders for any transactions to be made. This type of account is ideal for family members who want to share expenses, such as bills or rent.
A joint account with "first holder or survivor" ownership means that the first account holder has the primary ownership of the account, and the second account holder is considered as the nominee. In case of the first holder's death, the second holder can take over the account without any legal formalities. This type of account is commonly used by married couples, where the primary account holder wants to ensure that their partner has easy access to funds in case of an emergency.
An "anyone or survivor" account means that any one of the account holders can access and operate the account. In case of the death of one account holder, the surviving account holder(s) can continue to operate the account without any legal formalities. This type of account is ideal for business partners or friends who want to share expenses but may not be able to visit the bank together regularly.
How to close Jharkhand State Co Operative Bank Ltd Joint Account?
If you have a Joint account with bank and interested to know how to it then following are the steps will have to follow:(1) Fill up the Account Closure Form of Jharkhand State Co Operative Bank Ltd
In order to close your Joint bank account, the first step is to fill up an Account Closure Form. You can download it from bank's website or alternatively, you can visit your branch, get the account closure form and fill it up properly. After that all the joint holders in your account need to sign the account closure form and submit it to the branch manager/ officer-in-charge.(2) Attach your KYC (Know Your Customer) Documents
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 closure form. The account holders may also be asked to self attest these documents.(3) Surrender Balance Cheque Leaves, Debit Card and Passbook to your Bank Branch
You need to surrender your Balance Cheque Leaves, if any, Debit Card and the Passbook. Your account closure application is taken for processing only after you have surrendered all these items.(4) Withdraw the Balance Amount from your Joint Account
The banker verifies the documents submitted by you and if he/ she finds all the things are correct then you are asked to withdraw the balance amount in your account. If the account has any outstanding balance, the bank will ask the account holder to settle the balance before closing the account. This can be done either by withdrawing the balance in cash or by transferring the balance to another bank account.
Once the account balance has been settled, the bank will process the account closure request. It is important to ask for a confirmation receipt or a closure acknowledgement letter from the bank, as this serves as proof that the account has been closed.
If you follow above steps, you would be able to close your joint bank account in a hassle free manner. Banks generally send an email or SMS on your registered email id and mobile after your account is closed.
Important Points regarding Closing of Jharkhand State Co Operative Bank Ltd Joint Account
- Don't forget to ask for an acknowledgement after the submission of the request for Closing of Joint Account.
- For closing your account, you need to visit that branch of the bank where you had opened the account.
- One should close the account only if he really doesn't need it in future as banks generally don't allow to re-open a closed account.
- One must save a soft copy or take a printout of full bank statement since inception till closing for the purpose of any future reference.
- Cancel your automated payment instructions, if any.
- One must clear all the pending dues or charges before closing the account.