Joint Savings account

In India, we get an option to open a joint bank account. 

If I am opening a joint account with any of my family member or friend or colleague, I need to :

  1. provide a name as primary account holder, He/ She will be responsible for maintaining the account and will be considered the first owner.
  2. provide Identity and address proof for the primary owner.
  3. Similar , details and documents will be required for secondary owner as well.

In case of any interest earned, investment done, capital gains earned or investment done, it will be considered to be earned or invested by Primary owner.

However, Primary and secondary owners both can deposit or withdraw money from the account.


In some cases, having a joint account is easier option as 2 or 3 people can operate the same account.


However, it also increases the risk of fraud or mismanagement of money. So we need to be cautious in weighing pros and cons before opening a joint account.

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