Personal
Personal Credit Card NRI Wealth Startup Solutions Corporate MSME GIFT City

What's special about us
Customer Service

Help Center Support topics, Contact us, FAQs and more
Login

Are you ready for an upgrade?

Login to the new experience with best features and services

Login to Internet banking

For Loan Accounts
Pay Loan EMI

For Wholesale Accounts
Login to Wholesale Banking (New Portal)
Login

Are you ready for an upgrade?

Login to the new experience with best features and services

Login to Internet banking

For Loan Accounts
Pay Loan EMI

For Wholesale Accounts
Login to Wholesale Banking (New Portal)

IDFC FIRST Bulletin

CKYC Registry

Know More Visit Website

Send funds abroad

Pay Abroad Know More
Customer care hotline 1800 10 888

Customer Service

Help Center Support topics, Contact us, FAQs and more
Customer care hotline Call 1800 10 888

Notifications

FinFIRST Blogs

Savings Account

What is a joint savings account?

Key Takeaways

Individuals can easily manage shared finances through a joint savings account with complete transparency.
Depending on your preference of operating a joint savings account, you can choose from operation modes like ‘Either or Survivor’ or ‘Jointly’.
Opening a joint savings account with IDFC FIRST Bank ensures a seamless experience with digital convenience, competitive interest rates, and minimal fees.

27 May 2025 by Team FinFIRST

Open an Account

Managing money as a team, be it with a spouse, parent, close friends, or business partner, can feel difficult without the right tools. A joint savings account offers you a practical way to pool funds, track expenses, and work towards achieving common goals. A joint account brings clarity to financial responsibilities and strengthens trust between account holders.

If you are thinking of opening one, IDFC FIRST Bank offers an easy, hassle-free experience with digital solutions and minimal paperwork.

5 best ways to save money for future

Monthly interest credited to your savings bank account

Are you receiving monthly interest in your Savings Account?

What is a joint savings account?

A joint savings account works like a regular bank account. The only difference is that either two or more people hold it. It helps account holders manage combined expenses, track contributions, and maintain transparency in handling financial obligations.

Rules and eligibility for opening a joint savings account

Anyone aged 18 and above can open a joint savings account. All account holders must complete the Know Your Customer (KYC) process and submit valid ID and address proofs. Based on what mode of operation is chosen between ‘Either or Survivor’ and ‘Jointly’, fund access may vary for each holder.

Step-by-step process to open a joint savings account

Step 1: Choose the right bank

It is wise to consider a bank like IDFC FIRST Bank to open a joint savings account promptly. You benefit from features like individual debit cards, 24/7 net banking, high interest rates, zero hidden charges, and responsive customer support.

Step 2: Select the type of joint account

Finalise the joint account type and choose any one of the following modes:

Joint
Former or Survivor
Either or Survivor
Anyone or survivor

Step 3: Gather the required documents

You will typically be asked for:

PAN card
Identity and address proof like Aadhaar card, passport, driving license, etc.
Passport-size photographs

Step 4: Apply online or visit the nearest branch

IDFC FIRST Bank offers both online and offline modes of application.

Online process:

Open the bank's website, go to the savings account section, and follow the instructions given to set up joint accounts.

Offline process:

Go to your nearest bank branch. A representative will guide you through the application process and paperwork. All joint account holders need to be present for verification and signature.

Step 5: Activate & manage your account digitally

Once your account is active, you can manage finances online via internet banking or through the IDFC FIRST Bank mobile banking app. You can transfer funds, set up auto-debits, invest, make online purchases, and much more.

Benefits of a joint savings account

A joint savings account offers:

Transparency:

Every account holder can see how money is spent, which reduces friction.

Better planning:

Save jointly for future targets, like holidays, a house, or emergencies.

Cost efficiency:

Maintaining a joint account costs less than multiple individual accounts.

When individuals manage their finances through a joint account, filing taxes becomes much easier with clear records of combined income, expenses, and deductions.

Why choose IDFC FIRST Bank for a joint savings account?

It’s wise to choose IDFC FIRST Bank because the documents required for savings accounts are minimal. You benefit from higher interest rates, lower fees, full transparency, and 24/7 customer support. Plus, you get premium digital solutions that simplify daily banking, investments, bill payments, fund transfers, and more.

Thinking about how to open a savings account easily? You can do it 100% digitally from your home or by visiting the nearest IDFC FIRST Bank branch.

Conclusion

Opening a joint savings account is a smart financial decision for managing shared responsibilities. It encourages mutual planning, simplifies transactions, and offers financial clarity. Selecting a reliable partner like IDFC FIRST Bank gives you digital advantage, making your banking journey stress-free.

Frequently Asked Questions

What are the rules for joint savings accounts?

Rules involve operating instructions (like 'Anyone or Survivor' or 'Jointly'), KYC compliance for all holders, and adherence to bank-specific policies. Each holder has defined access and liability based on what mode of operation is chosen.

Who is eligible to open a joint account?

Any two or more individuals aged 18 and above with valid KYC documents can open a joint account. Accounts can be opened by family members, spouses, or business partners.

Is a joint account a good idea?

A joint account is a good option for those managing shared expenses. It offers transparency, simplifies budgeting, and helps couples or partners save together for common targets while tracking transactions easily.

Can a couple open a savings account?

Couples are usually eligible to open a joint savings account. They can use it for managing daily expenses together and contributing towards mutual savings or future goals.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.