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. Doha Bank offers the option to open a joint account. It is very easy to open a Joint Account in Doha Bank
Why Open Joint Bank Account?
The following are the main reasons for 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 household 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 Accounts
The following Types of Joint Accounts 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 Doha Bank
Individuals are allowed to open a joint account in Doha 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 Doha 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
Procedure to Open Joint Account in Doha Bank
Now, if you want to know how to open a Joint Account with Doha Bank 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 Doha Bank with the Mode of Holding as “Joint”.
If you want to open your Doha Bank account in joint names, the first step is to visit the branch of Doha Bank where 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 any one 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 Doha Bank 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 the Account Opening Form (AOF) and other attached documents. If he is satisfied with these requirements, he will proceed further.
Step 5: Collect the acknowledgment slip of the Account Opening Form from Doha Bank
Important Points regarding Opening Joint Account in Doha 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.