Every individual in a family has a bank account, which means the number of bank accounts owned by a family will be equal to or more than the number of family members. If you have multiple accounts in the same bank, you may easily consolidate the same by using the “Family Savings Account” option.
Merging bank accounts after marriage is a common practice, but there are a number of benefits you avail of when you merge the bank accounts of your family members in the same bank.
Advantages of merging family bank accounts together
Holding a family savings account makes it convenient to manage the funds. It also saves precious time spent on maintaining different accounts and tracking them regularly. Some of the primary benefits of family bank accounts include the following:
Low minimum balance requirements
The biggest benefit is the maintenance of a low minimum balance. Every account requires the individual to maintain a minimum balance and in case of a family account, a minimum balance requirement will be restricted to only one account. If you have four accounts and the minimum balance requirement is INR 10,000, you will have to maintain a balance of INR 40,000 for the accounts. Instead, you may simply maintain a balance of INR 10,000 in your family account. Also, any charges for the non-maintenance of minimum balance will be charged from a single account.
Opening an account is a simple and quick process, but managing the same needs planning and organization. Every account needs to be maintained through a minimum number of transactions so that the account does not become dormant. Also with each account, you have different account numbers, card numbers, and passwords; keeping a track of these becomes a huge hassle. With a single family account, all the banking needs are addressed to just one account. Transferring money between two accounts also becomes easier.
Simpler to achieve family goals
It becomes easier to achieve shared goals through a family joint account. Every member of the family will have a clear idea of the inflows and outflows related to the account. It will also be easier to deposit and invest from the account. The account may be specifically maintained for the long-term goals of the family.
All individuals are eligible to open this account. But only a savings account may be merged into a joint family account. A minimum of two members and a maximum of six members are required to open a joint family account. It is at the discretion of the family members to decide one amongst them as the head of the family. The head will receive a primary customer ID. Adding a family member into the group or making one of the members exit the group is also a simple process.