Can you separate a joint bank account?

Yes, you can separate a joint bank account. But it completely depends on your bank’s policies. Also, you need to talk to the bank and involve all the account holders. For instance, banks like Axis require consent and signatures of all account holders to close a joint account.

Some banks may allow one account holder to initiate closure under certain conditions, but this is not guaranteed. You should always check with your bank. There are important things to consider before you close or separate the joint account:

1. Decide how to divide the remaining balance fairly. Without an agreement, disputes can arise.

2. Review and cancel or transfer any standing orders, direct debits, or automated payments linked to the joint account.

3. If the account has an overdraft or any pending liabilities, settle them. Otherwise, closing the account may not be allowed or could have complications.

4. Before closure, each person should open a new account so salary payments, bills, and other recurring transactions can continue without disruption.

5. Submit a joint account-closure form as required by your bank.

6. Once closure is processed, get a written or digital confirmation from the bank. This serves as proof that the account is officially closed.

You must ensure any incoming payments (salary, refunds, etc.) are redirected to your new individual account, so they don’t go into the closed account. I hope your query regarding can you split a joint bank account is solved.

Choose NB InstaCash to Get Instant Disbursal of Personal Loan of Up to 10 Lakhs in Your Account! 

Assets such as bank accounts, shares, bonds, mutual funds, FDs, insurance policies, etc can be held jointly. The bank account can be held jointly by more than two people. But at times, you may want to separate your joint account. And at this moment you may wonder can you separate a joint bank account. I will share with you how to separate a joint bank account.

How to separate a joint account?

To separate the joint account holder’s name you need to delete the name of the second account holder. Here is the step-by-step guide on joint bank account separation.

1. After visiting the bank, the authorities will provide you with a form to delete the name of the other bank account holder. You can also download the form from the bank’s website. The deletion form should be signed and filled out by both account holders.

2. Details such as account number and type of account should be mentioned in the form. Guardian’s name is required if the account holder whose name should be deleted is a minor.

3. Account holders can also change the mode of operation to joint. Survivor, or single. 

4. If the account holder’s name is being deleted, he/she should return the Debit/ATM cards or sign a declaration stating the cards have been destroyed.

5. The old cheque book won't remain valid. Therefore, the account holder must request a new chequebook. Unused cheques should be returned to the bank.

6. The first or primary account holder’s name cannot be deleted. 

The answer to the question can joint account be separated is Yes! Joint bank accounts can be separated if required. I hope you know the process to the question ‘ can you separate a joint bank account’.

Read more: