How to add a joint account holder to your fixed deposit (FD)?
Just like your bank accounts, you can add a joint account holder for your fixed deposit as well. You can update joint account holder details in a few clicks by visiting our customer portal
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Manage your joint account holder details
- Click on the ‘Sign-in’ button on this page to visit our customer portal.
- Enter your registered mobile number submit the OTP to sign-in.
- Verify your details by entering your date of birth to go to our ‘Raise a Request’ section.
- Select ‘Fixed Deposit’ as your product and choose the FD number for which you want to update the joint account holder.
- Choose ‘FD Details’ as your query type and ‘Joint account holder addition’ as your sub-query type.
- Enter the required details and upload supporting documents if needed.
- Review your details and proceed to submit the request.
You can also directly visit our customer portal by clicking on ‘Update your joint account holder details’ below. Once signed-in, you will be redirected to the ‘Raise a Request’ section. You can then select your FD, enter the relevant query and sub-query type, and proceed to submit.Once you submit the request, our representative will reach out to you within 48 business hours to guide you on further steps.
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You can also update your nominee and bank account details by visiting our customer portal
Benefits of add joint account holder in fixed deposits
- Shared ownership and access:
Adding a joint account holder ensures both individuals have equal rights over the fixed deposit. It allows either person to access funds during emergencies without additional approvals or legal hassles. - Enhanced financial security:
Joint fixed deposits offer a safety net, particularly for dependents or family members, ensuring seamless access to funds in case of the primary account holder's demise or unavailability. - Convenient management of funds:
Having a joint account holder simplifies deposit management. Both holders can operate the account, manage renewals, or make withdrawals based on the terms agreed upon during account setup. - Nomination flexibility:
Joint fixed deposits allow you to specify a nominee. This ensures that funds are smoothly passed on to the rightful beneficiary in case of both account holders’ demise. - Tax benefits under joint ownership:
Tax liability can be distributed between joint account holders, reducing the burden on one individual. This is particularly advantageous when interest income falls within different tax brackets for the holders. - Customisable operational modes:
Joint account holders can choose operational modes like "Either or Survivor" or "Jointly," enabling flexibility in accessing funds based on personal preferences or situations. - Ease of succession planning:
Adding a joint account holder simplifies inheritance processes, bypassing lengthy legal formalities and ensuring quick fund transfer to the surviving account holder. - Stronger creditworthiness:
In some cases, fixed deposits held jointly can boost creditworthiness for both holders, potentially aiding in availing loans against the deposit.
Considerations for fixed deposits joint account holder
- Mode of operation:
Decide the mode of operation for the joint account—whether it will be "Either or Survivor" for independent access or "Jointly" for collective decisions. - Impact on tax liability:
Both account holders need to understand the implications of shared interest income, as it is taxable under the Income Tax Act and may affect their individual tax brackets. - Legal ownership in case of death:
Ensure clarity about fund ownership if one holder passes away. The operational mode determines the rightful claim of the surviving holder. - Nomination restrictions:
Only one nominee can be added to a joint fixed deposit. Joint holders should agree upon the nominee to avoid future disputes. - Document requirements:
Adding a joint holder requires valid KYC documents for the second individual, including proof of identity, address, and recent photographs. - Premature withdrawal clauses:
Check whether joint fixed deposits allow both holders to initiate premature withdrawals or if the consent of both parties is required. - Risk of financial disputes:
Joint ownership can sometimes lead to disagreements over the deposit’s usage. Clear communication is essential to avoid conflicts. - Credit and loan implications:
Joint fixed deposits may be pledged as collateral for loans, impacting both holders' credit profiles. Discuss these aspects before proceeding. - Bank-specific policies:
Different banks may have varying rules for joint fixed deposits. Review terms and conditions to ensure alignment with your financial goals. - Amendments and changes:
Any changes to the joint account, such as altering the mode of operation or adding/removing a holder, often require consent from all parties and bank approval.
- Shared ownership and access:
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Check your fixed deposits
Visit our customer portal and track your FD details easily.
Frequently asked questions
Yes, most banks allow adding a joint holder to an existing Fixed Deposit. The process typically involves submitting a request form, providing the required documents, and adhering to the bank’s terms. Approval is subject to the bank’s policies and the FD’s mode of operation.
In most cases, both the existing account holder and the intended joint holder must be present to complete the process. This ensures consent and compliance with the bank’s verification requirements. Some banks may allow alternative arrangements like notarised authorisations.
Documents typically required include the joint holder's identity proof (e.g., Aadhaar or passport), address proof, recent passport-sized photographs, and a duly signed application form. Both holders may also need to provide PAN details or Form 60 for tax compliance.
Most banks do not charge a fee for adding a joint account holder to a Fixed Deposit. However, it is advisable to confirm with the bank as policies may vary, and administrative charges could apply in some cases.
