Joint Bank account any advantage? and efficient usage?
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Hello Dimers,
I am new to this "Joint Bank Account" things, so any one help me please,
if there is any advantage in using Joint Bank account?
I am planning to open a joint account in HDFC for debit cards, so any other benefits of using an joint account?
Please do comment your ideas on how to use joint account efficiently
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nah let me suggest a better account for us
we can open a company corporate account and i will get it and then let me apply loans using the company name:P you just hold the account as the director:) while i keep taking loans:)
but ever since online banking (net & mobile) have come, it has taken over joint accounts.
the only need i see is where two people want to contribute money for common purpose/goal in a formal/legal way.
+ extra DICGC insurance upto 5 lakhs in the bank.
PS: most of the operations in joint account are restricted via branch only. like closing fd, changing address, ordering debit card, application of credit card (depending on bank-to-bank).
ah got you:)
mhm so that first original concept of safeguarding money got shadowed by internet banking , interesting
oh good to know that DICGC insurance applies this way too:) this is new learn for me:)) -> but what if , if we hold personal savings account and joint account together in same bank, will that be considered for separate 5lakhs DiCGC insurance for each account? i mean do we get 10 Lakhs cover?
oh my branch one omg.. thats gonna be headache for debit card reissuance, hoping hdfc will offer some improved online facility for joint account holders (point to ask the branch and enquire)
thanks for the valuable insights and points:)
Do bank issue separate debit cards for joint account holders? As there is concept of primary and secondary holder.
yes they do issue separate debit cards
actually thats why i am trying to open HDFC bank account as joint account there to get 1 extra debit card hehe
On a funny side this used to be case in olden days when jobless drunkard husband and working wife are together for better purposes 😉
if your purpose is to get debit card/ credit card with max benefits and don't want to have headache of joint account look for family banking, they merge immediate family members account in a way where if your father maintains fd you get the max benefit and each account is separate so no need to ask other person to visit bank
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but ever since online banking (net & mobile) have come, it has taken over joint accounts.
the only need i see is where two people want to contribute money for common purpose/goal in a formal/legal way.
+ extra DICGC insurance upto 5 lakhs in the bank.
PS: most of the operations in joint account are restricted via branch only. like closing fd, changing address, ordering debit card, application of credit card (depending on bank-to-bank).
Used to in SBI but not anymore. We moved to family banking in HDFC, can have individual DC and better chances for pre approved CC for those with no CIBIL in the household.