BENGALURU: Marriage often changes the way people live their life, it is totally a different approach, where people tend to become responsible, and start saving money for the future. There is no room for selfishness and the feeling of “my money” generously changes to “our money”. This is the simplest and the most appropriate way to deal with financial stuffs in any kind of relationship.  Gone are those days where husband were the ones working, and looking after their wife. Time has changed, now both of the couple work together to live a luxurious life. To live such a life couples have to plan on how to save money, how to share expenses and many more things. What else could be more convenient to couples, than having a joint account in the bank to share the expenses? According to Economic Times, Here are few points to follow before opening a joint account.

• Joint accounts are the standard bank accounts that allow couples, family members or roommates to share a common account. It need not be only two people; it could be more than two sometimes. Each individual has a complete access on the account, regardless of their contribution. Any person who is a member of a particular joint account can withdraw, spend, and transfer money without any permission from the other member/members.

• Joint account is best suited for couples; it will be useful while paying bills, rents and other shared expenses. If the duo is having a long-term dream to buy something they can actually save the amount conveniently.

• It can be operated mutually as per the agreement that says the account needs to be operated by all the account holders together.

• Communication and understanding is very much necessary for the account holders, so that there won’t be any differences later.

• The agreement of join account specifies that if any person dies then the account will be carry forwarded by the survivor(s).

• The account will be operated as per the priority mentioned by the holder.

Closing the account

There is no such big procedure for closing account, anyone of the member can sign for the other half and close the account if there will be no need for the joint account any more.

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