2. What are the different types of joint accounts?

There are several types of joint accounts, each with its own rules for ownership and access: Either or Survivor: Either account holder can operate the account independently. And Survivor: Both account holders must sign for transactions. Anyone or Survivor: Any of the account holders can operate the account.

The Process of Opening a Joint Current Account

Disclaimer: This blog is generic in nature. The services mentioned herein may not be aligned to Ujjivan SFB services.

October 06, 2026

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A joint current account is a current account held in the names of two or more individuals. The account holders can operate it according to the mandate selected when opening a business current account.

However, a joint current account should not be confused with a business current account opened in the name of a partnership firm, LLP or company. In an entity current account, the business is the account holder, while the partners, directors or other authorised persons operate it as signatories.

This guide covers the benefits, documents, operating instructions and process involved in opening a joint current account in India.

What are the Benefits of Joint Banking

Joint current accounts offer several advantages for businesses:

Simplified Financial Management
Account holders can use one account to receive payments, make business-related payments and monitor transactions. This can reduce the need to manage the same finances through separate accounts.
Shared Responsibility and Transparency
Joint holders can access account information and review transactions according to the facilities provided by the bank. This can improve visibility and accountability when more than one person manages the funds.
Easier Delegation of Financial Tasks
Account holders can divide responsibilities such as making payments, monitoring balances and reviewing account statements. The transactions each holder can perform will depend on the selected operating mandate.
Convenient Account Access
The selected operating mandate determines whether one holder can operate the account independently or whether all holders must authorise transactions. This can provide convenient access while allowing you to choose an appropriate level of control.

The Account Opening Process

Opening a joint current account involves several steps. Let's break down the process:

Step 1: Choose Your Bank

Research different banks to find one that offers joint current accounts with features that suit your business needs. Consider factors such as:

Minimum balance requirements
Transaction fees
Digital banking services
Branch network

If you have credit facilities from the banking system, your ability to maintain a current account may also depend on your aggregate banking exposure. Under the RBI framework effective from 1 April 2026, banks may maintain current accounts without restrictions under this framework where aggregate exposure is below ₹10 crore. Where it is ₹10 crore or more, the bank must meet the applicable exposure. The ₹10 crore threshold and exposure-based eligibility requirements are confirmed in the latest RBI directions.

Step 2: Gather Required Documents

Each joint account holder will generally need to submit:

PAN or the applicable tax declaration
An accepted identity and address document
A recent photograph
Any additional KYC documents requested by the bank

If the account is being opened in the name of a partnership, LLP, company or another organisation, documents relating to the entity and its authorised signatories will also be required.

Document requirements may vary depending on the account-holder category, business constitution and current account selected.

Step 3: Complete the Application and Select the Operating Mandate

Complete the current account opening form and ensure that the details of all joint holders are accurate. As part of the application, you may need to:

Select an operating mandate
Provide the required operating instructions
Submit specimen signatures of all account holders

The operating mandate determines who can authorise transactions. Depending on the options offered by the bank, common mandates may include:

Either or Survivor: Either holder may operate the account independently. The surviving holder may continue operating or claim the balance after the death of the other holder, subject to the account terms.
Former or Survivor: Only the first-named holder operates the account during their lifetime. The survivor receives operating rights after the first holder’s death.
Anyone or Survivors: Any one of the joint holders may operate the account. The surviving holders may continue operating it after the death of one holder.
Jointly: All account holders must authorise transactions.

Choose the mandate carefully because it determines who can make payments, withdraw funds and issue other account instructions.

Step 4: Submit Documents and Initial Deposit

Visit the bank branch to:

Submit all required documents.
Make the initial deposit as per the bank's requirements.
Complete any additional formalities.

Post-Opening Procedures

After your account is approved:

Collect your account details and cheque book.
Set up online and mobile banking access.
Order debit cards for authorized signatories.

Final Thoughts

A joint current account can allow more than one individual to manage business transactions, but the operating mandate must be selected carefully. It determines who can access the funds and authorise transactions.

If the account belongs to a partnership, LLP or company, it should generally be opened in the entity’s name with the relevant persons appointed as authorised signatories. Before applying, compare the minimum balance requirement, transaction charges, cash deposit limits and digital banking facilities.

Businesses can also explore Ujjivan SFB’s Business Edge Current Account and Maxima Current Account and review its eligibility requirements, features and applicable charges.

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FAQs

All joint holders generally need to provide PAN or the applicable tax declaration, accepted identity and address documents, photographs and any additional KYC documents requested by the bank. If the account is opened in a business entity’s name, registration and authorisation documents may also be required.

There are several types of joint accounts, each with its own rules for ownership and access:

Either or Survivor: Either account holder can operate the account independently.
And Survivor: Both account holders must sign for transactions.
Anyone or Survivor: Any of the account holders can operate the account.

Common mandates include Either or Survivor, Former or Survivor, Anyone or Survivors and Jointly. The selected mandate determines whether one holder can operate the account independently or whether transactions require authorisation from all holders. Available options may vary by bank and account type.