A Bank Account is at the core of all banking activities. Hence, you need to open one to conduct banking in India. Earlier, you would have to visit the bank in person and complete an extensive procedure to open an account. However, now you can open and operate a Bank Account at your fingertips thanks to online banking platforms.

Since there are different Bank Accounts, you must consider your banking requirements to open a suitable account. If managing your business finances is your primary banking requirement, opening a Current Account is a viable option. What is Current Account? It is a deposit account that confers benefits like higher deposit limits, unlimited transactions, an overdraft facility, and more. Simply put, the account helps you manage your business finances systematically.

You can open a Current Account individually or jointly. Here are all the details about the Joint Current Account:

Who can open a joint Current Account?

The following are eligible to open a Joint Current Account:

• Indian residents
• Sole proprietorship firms
• Hindu Undivided Families
• Partnerships/ Limited Liability partnerships
• Private Limited Companies
• Other organisations and institutions

What are the various Joint Current Account options?

Let us assume you run a sole proprietorship firm with your friend. If you wish to open a Current Account online following are the various options available at your disposal:

• Either or survivor – You or your partner can operate this type of Current Account.
• Former or survivor—You and your partner must assume the primary account holder and former roles per your mutual understanding. The primary account holder operates the account, and the survivor can operate it if the primary account holder dies.
• Joint – You and your partner can operate this type of Current Account. You both need to sign off on any transaction made from the account.
• Joint or survivor – You and your partner can operate this Current Account. The survivor can continue to operate the account even if one account holder dies.

Note: You can change your account operation option at any given time by completing a simple procedure with the bank.

How to open a Joint Current Account?

The procedure to open a joint Current Account is the same as you would follow to open Current Account online. The steps to open a joint Current Account is mentioned as follows:

• Choose a bank and Current Account type.
• Fill out the account opening form. Since you wish to open a joint account, you and your partner must both fill out the form.
• You need to complete the Know Your Customer requirement to open an account. You can do this by visiting the nearest bank branch or online via video calling.
• Once the KYC is successfully completed, the bank will assign a Current Account to you and your partner within 24 hours.
• Make an initial deposit in your Current Account and start transacting through it.