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How to Open Joint Account in Allahabad Bank Account

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. Allahabad Bank Account offers the option to open joint account. It is very easy to open a Joint Account in Allahabad Bank Account

Remember that if you want your independence and do not want to share your financial details with others, you should avoid opening joint account.

Why to Open Joint Bank Account?

Following are the main reasons of opening Joint Bank Account:

To give a transparent view of the bank account to all the joint holders
In order to check, control and manage your house hold expenses together in a better way
All the joint holders can save in the joint bank account towards their shared goals
Opportunity to build emergency fund together

Types of Joint 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

Pros of Joint Account

Equal access to funds
Easy to manage shared transactions
Helps to manage daily expenses effectively
Many banks offer additional benefits on joint accounts for example debit cards and cheque books to every account holder
You can achieve your financial goals together
No requirement of maintaining minimum average monthly balance required in two separate accounts
If you are away for a long time, the other account holder can take care of the account

Cons of Joint Account

If any account holder uses all the money, others have no chance to recover it
Financial condition of one holder has an impact on other holders in joint account
Chances of confusion and disagreement
It is easy to access your money, in case the relationship with joint holders breaks down
If the joint account gets seized by law due to misconduct of a joint account holder, then other holders of joint account may be restricted to access their own money
If any of the joint account holders has a poor credit rating, others may suffer as a result of it

Eligibility Criteria for opening Joint Account in Allahabad Bank Account

Individuals are allowed to open a joint account in Allahabad Bank Account.

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.

Documents required for opening Joint Account in Allahabad Bank Account

Following Documents are required for opening a Joint Account (applicable to all the joint holders):

PAN
2 Passport size photographs
Proof of Identity such as PAN, Aadhaar card, passport or driving licence
Address Proof such as passport, Aadhaar card, utility bill or other bank's passbook

Procedure to Open Joint Account in Allahabad Bank Account

Now, if you want to know as to how to open Joint Account in Allahabad Bank Account Account? Then you need to follow below mentioned step-by-step procedure:

Step 1: Visit to the bank and fill up the Account Opening Form of Allahabad Bank Account with Mode of Holding as "Joint".

If you want to open your Allahabad Bank Account account in joint names, the first step is to visit the branch of Allahabad Bank Accountwhere 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:

Joint
Joint or Survivor
First holder or Survivor
Either or Survivor
Any one or survivor

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 Allahabad Bank Account 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 Allahabad Bank Account

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.

Important Points regarding Opening Joint Account in Allahabad Bank Account

Select a nearby bank branch to open the joint account.
Fill the account opening form in CAPITAL LETTERS using black ink.
Don't forget to keep the original KYC documents with you for verification purpose.
You should always keep your salary account separate and in your name only.
Interest income on joint account is considered as income of Primary account holder for taxation purpose. However, you have the option to submit a mandate to the bank and clearly specify about the specific percentage for tax treatment.
Take a note that there is high amount of risk of legal battles in a joint account which may restrict you to access to your own funds in a situation like when an account holder dies or gets divorced.

Open Joint Account in other Banks

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