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.
Following are the main reasons of opening Joint Bank Account:
Following Types of Joint Account are offered by a bank:
|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 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.
Following Documents are required for opening a Joint Account (applicable to all the joint holders):
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:
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.