How to Open Joint Account in Icici Bank

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

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:

JointThe 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 SurvivorThe 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 SurvivorAccount 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 SurvivorThere are only two account holders in this type of account. Account can be operated by any of these two account holders
Anyone or SurvivorThere can be more than two account holders in this type of account. Account can be operated by any of these account holders

Eligibility Criteria for Opening Joint Account in Icici Bank

Individuals are allowed to open a joint account in Icici Bank .

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 Icici Bank

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

How to Open Joint Account in Icici Bank ?

Now, if you want to know process to open Joint Account in Icici Bank Limited, then you need to follow below mentioned steps:

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

If you want to open your Icici Bank Limited account in joint names, the first step is to visit the branch of Icici Bank Limitedwhere 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 Icici Bank Limited 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 Icici Bank

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.

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

How Does Joint Bank Account Work?

Joint bank accounts operate much like traditional bank accounts. A bank account held jointly by two or more persons may have an "and" or an "or" classification between the account holders. If the account is classified as an "and" account, all the holders need to sign for access to the funds or for making the financial transactions. If it is an "or" account, it is sufficient to have only one holder sign to access the account balance.

Joint accounts allow all the holders to issue cheques, do online fund transfer, withdraw funds from ATM and use a debit card. Joint accounts keep your money safe and pay interest on your investment.

In the Joint bank account, all the account holders who own the account have full control over it. They can execute the financial transactions in the account, add funds or withdraw funds from the account. Funds kept in joint accounts belong to all the account holders. Any of the account holders can spend the money at his/ her will, even if he/ she is not the person who has deposited the funds in the joint account.

Hence, the joint bank account should be opened only with someone whom you trust as those persons will have equal and full control over the account's funds.

Rights and Responsibilities of Joint Account Holders

(1) All of the bank account holders have the right to access information about the account, such as

  • Checking Account Balances
  • Transactions
  • Statements

Therefore, it is important to share all such information with all the holders so that no misunderstandings happen.

(2) Every account holder will be responsible for the full amount owed, not just his share, for any debts related to the account.

(3) Each account holder will have to share equal responsibility for any fees or charges incurred.

(4) All the joint account holders share the same rights and can access all the information about the joint account as the primary account holder.

Important Points regarding Opening Joint Account in Icici Bank

  • 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

Allahabad Bank
Allahabad Up Gramin Bank
Andhra Bank
Andhra Pradesh Grameena Vikas Bank
Andhra Pragathi Grameena Bank
Arunachal Pradesh Rural Bank
Aryavart Bank
Assam Gramin Vikash Bank
Au Small Finance Bank Limited
Axis Bank
Bandhan Bank Limited
Bangiya Gramin Vikash Bank
Bank Of Baroda
Bank Of India
Bank Of Maharashtra
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