Joint Account to Single Account- A Complete Guide : Joint bank account provides the convenience of shared financials, But there are some circumstances where we need to remove or delete the one person name in the account.
In this article we will learn about the Process of Name deletion in a Joint account. Documents required for Name deletion in a Bank account. We will also understand the various guidelines and Rules for name deletion in a Bank account.
Table of Contents
Reason for Name Deletion in Bank account
- Demise of the holder : In the event of death of any one holder, Name deletion is required. (For Complete Details Refer Our Article : Death Claim : Your Complete Guide to Deceased Claim Settlement in India)
- Divorce : In case of divorce, if there is any joint account of the couple. They should apply for a name deletion process.
- Personal reason : If one holder does not want to continue to be a joint account holder, He can apply for name deletion from bank account.
- Mutual agreement between account holders to delete the name.
Things to know
Except in the event of death, Mutual consent of all account holders is mandatory for name deletion process. For any such changes, Signature of all members associated in the account is mandatory.
Before proceeding for the Name deletion process, one must understand that removal of name may affect the ownership and responsibility with the account.
Documents required for Name Deletion Process in Joint account
- Application letter signed by all account holders. (In some banks there is separate form available for Name deletion)
- In event of death of holder, death certificate is required
- KYC of all the holders of the account (PAN, Adhaar/ Driving License/ Passport/ Voter ID card etc.)
- If any ATM card was issued in the name of that person, who’s name is getting deleted. That ATM card must be returned to the bank.
If a Joint account has more than two holders, New Mode of operation must be selected.
Process of name deletion in Joint account :
Post verification of all the documents and after doing the proper due diligence, Bank will start the process of name deletion in their database.
Time taken to process this request is different from bank to bank.
Usually it will take upto 7 days to delete the name from the Joint account.
Post deletion of name from the account, Account holders can apply for a fresh cheque book and ATM card.
Sample of Application letter for Name deletion from Bank account. (Joint account to single account letter)
Date :
To
The Branch Manager
__________ Bank
__________ Branch
___________ (Branch Address)
City.
Subject : Request for Name Deletion in Joint Bank Account
Dear Sir
I/ We have a Savings account ______________ in your branch.
Due to Death of (Mr./Ms.)/ Personal Reasons, I/ We would like to delete the name of Mr./Ms ________________ from the account.
All relevant documents are attached with this letter.
I/ We request you to kindly initiate the name deletion process.
Please inform us if there are any other documents/ Information required.
Thank You
Sincerely Signature of all account holders
Name of applicant.
Account number:
Contact number:
Address:
RBI Link of Joint Account related Details : https://www.rbi.org.in/Scripts/BS_ViewMasCirculardetails.aspx?id=8984#51
FAQ – Name Deletion in Bank Account, Joint Account to Single Account Conversion
How can I do name deletion in bank account?
Submit request letter in bank with consent of all account holders
Can you remove someone’s name from a bank account?
Name can only be removed with the consent of all members of the account.
Why would I need to delete a name from a Joint Bank Account?
There are several reasons for name deletion, including the demise of a holder, divorce, personal decisions, or mutual agreement among account holders.
What is the process for Name Deletion in the case of the demise of a holder?
In the event of death, the process involves submitting an application letter signed by all account holders, along with a death certificate and KYC documents of all account holders.
Is mutual consent necessary for Name Deletion in a Joint Account?
Yes, except in the case of death, mutual consent of all account holders is mandatory. Signatures of all associated members are required for any changes.
How does divorce affect a Joint Account?
In case of divorce, joint account holders should apply for a name deletion process. Both parties need to provide mutual consent and submit necessary documents.
Can a person voluntarily remove their name from a Joint Account?
Yes, if one holder wishes to no longer be a joint account holder, they can apply for name deletion. Mutual agreement or consent of all account holders is necessary.
What documents are required for the Name Deletion Process?
The required documents include an application letter signed by all account holders, death certificate (if applicable), KYC documents of all holders, and the return of any issued ATM card in the deleted person’s name.
How long does the Name Deletion process take?
The processing time varies by bank but usually takes up to 7 days. Post-deletion, account holders can apply for a fresh cheque book and ATM card.
How does the removal of a name affect ownership and responsibility in the account?
Before proceeding with the Name Deletion process, it’s essential to understand that the removal of a name may impact ownership and responsibility within the account.
Can a Joint Account with more than two holders request name deletion?
Yes, if a Joint Account has more than two holders, a new mode of operation must be selected after the name deletion process.
Related Article : Joint Account Rules : Conversion of Single Bank Account to Joint Account.
Death Claim : Your Complete Guide to Deceased Claim Settlement in India)