How to delete the name of joint bank account holder
Here is the process that is to be followed to delete the name of a joint bank account holder.
By ET CONTRIBUTORS | Updated:
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There may be instances wherein one may want to delete the name of a joint bank account holder.
For this, a simple process needs to be followed to make the required change.
Form
A form for deletion of bank account holder can be taken from the bank branch or downloaded from the bank website. The same needs to be filled and signed by the remaining account holders as well as the holder whose name is sought to be deleted.
Information
Account number and type of account and name of the holder whose name is to be deleted, should be mentioned in the form. If the account holder whose name is to be deleted is a minor, the guardian’s name also should be mentioned.
Mode of operation
The account holders can change the mode of operation of the account to either jointly, survivor or single. Else one can continue with the original mode of operation.
The account holders should return debit/ATM cards issued to the account holder whose name is being deleted, or should sign a declaration that the same has been destroyed by them.
New cheque book
A request to issue a fresh cheque book with new names can be placed in the same application. Unused cheques may be returned to the bank branch.
Points to note
For this, a simple process needs to be followed to make the required change.
Form
A form for deletion of bank account holder can be taken from the bank branch or downloaded from the bank website. The same needs to be filled and signed by the remaining account holders as well as the holder whose name is sought to be deleted.
Information
Account number and type of account and name of the holder whose name is to be deleted, should be mentioned in the form. If the account holder whose name is to be deleted is a minor, the guardian’s name also should be mentioned.
Mode of operation
The account holders can change the mode of operation of the account to either jointly, survivor or single. Else one can continue with the original mode of operation.
Various financial assets such as bank accounts, shares, bonds, mutual funds, FDs, insurance policies, post office schemes etc. can be held jointly. A bank account can be held jointly by two or more people, both of whom are aware of the activities and transactions relating to the account. There may be also be situations wherein one may want to separate ownership and consequently, delete the name of a joint bank account holder. For this, the simple process explained below needs to be followed to make the required change.
The account holders should return debit/ATM cards issued to the account holder whose name is being deleted, or should sign a declaration that the same has been destroyed by them.
New cheque book
A request to issue a fresh cheque book with new names can be placed in the same application. Unused cheques may be returned to the bank branch.
Points to note
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(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
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