JOINT-ACCOUNTS | JAIIB MAY STUDY MATERIAL 2023
In this article, we will discuss Joint accounts. We will also discuss IIBF Study Material for JAIIB MAY 2023 EXAM.
JAIIB MAY 2023 EXAM:
The Indian Institute of Banking and Finance administers the JAIIB exam twice a year. The JAIIB 2023 Exam consists of a total of three papers or subjects that must be studied. For example, Paper 1 covers the Indian Economy & Indian Financial System, Paper 2 covers Principles & Practices of Banking, and Paper 3 covers Accounting & Financial Management for Bankers and Paper No. 4 covers the Retail Banking & Wealth Management.
The JAIIB EXAM is an important flagship course under IIBF. The JAIIB 2023 MAY EXAM seeks to provide the information needed for performing day-to-day banking operations in the areas of banking technology, basic accountancy, customer relations, and legal concerns.
Now we will discuss in detail about Joint Account and various aspects related to it.
OVERVIEW OF JOINT ACCOUNT
If someone handles their money with someone else, such as a spouse or partner, a joint bank account can make their financial life simpler and smoother. There are several everyday banking advantages offered by a combined savings or checking account, but there are some things to take into account before opening a joint bank account.
A JOINT BANK ACCOUNT MEANING
An account that is shared with another person which can be used for tasks like paying bills, depositing wages, saving for a vacation, or making a down payment on a big purchase like a home or car.
A joint bank account can be opened by any two people; however, they are most frequently held by one person and their spouse, partner, relative, or business partner.
PROCESS FOR JOINT BANK ACCOUNT?
- Similar to other bank accounts, joint accounts operate similarly. Joint checking accounts function like regular checking accounts and let you use a debit card and write checks. Joint savings accounts function similarly to regular savings accounts, paying interest and protecting your funds.
- The main distinction is that the account is fully controlled by both of its owners. Each account holder has access to a debit card, check writing and shopping. Additionally, the account’s balance can be increased or decreased by either account holder.
- Both owners are entitled to the funds in joint accounts. Even if they did not deposit the money, either party may take it out or use it as they see fit. Because the bank doesn’t distinguish between deposits made by one person and those made by the other, a joint account can be used to manage shared spending. But because that individual has equal control over the account’s funds, you should only open a joint bank account with someone you trust.https://youtu.be/zTr-5m62Qg0
ADVANTAGES OF A JOINT BANK ACCOUNT
- The convenience of having your money in one location is the main benefit of opening a joint account. Since it allows you to make deposits and withdrawals, a joint bank account might be useful if you and another person share duties like managing a home or business.
- Paying bills-
- Of course, it’s also a way to pay the bills. Having a joint account could make managing your finances a lot simpler, for example, if you and your spouse split the bills and money. In contrast to having separate accounts and figuring out how to “divide” costs, a joint account enables you to pay invoices and cover expenses together.
- More insurance coverage–
- The quantity of insurance protection is also increased by joint ownership.
DRAWBACKS OF A JOINT BANK ACCOUNT-
- Possibility of overdrafts.
- When two people have access to an account’s funds, the likelihood of overdrawing the account may increase. By talking with your partner before making significant purchases with money from the account, you may assist prevent this.
- Depending on creditors.
- Creditors may pursue the combined funds in a joint bank account held by two persons if one of them owes money and one of them has overdue bills.
- Inadequate privacy.
- If both parties are uncomfortable disclosing their financial habits to one another, a joint account might not be the ideal choice.
PROCESS OF OPENING OF A JOINT BANK ACCOUNT-
- Opening a joint bank account follows a similar procedure to open an individual account. At a bank branch, you can open a joint account, and many financial technology companies now let you open an account online.
- Both applicants must submit their personal information when opening a joint account, including their date of birth, Social Security number, email address, and names, addresses, and phone numbers.
- By contacting the bank and supplying all the necessary personal information, many banks can let you add another individual to an existing bank account.
CLOSING A JOINT BANK ACCOUNT
- A trip to the bank branch with both account holders in attendance may be necessary to close a joint account, just like you would with any other bank account.
- When you close a joint account, be prepared with identification documentation (like a legal photo ID, like a driver’s licence). Additionally, before cancelling the account, all funds must be withdrawn or transferred. Usually, a completed form must be submitted, either in person or online, to request the closure.
- Depending on the bank or credit union, you can also fax, email, or mail a request to close a joint account. Each account holder may need to provide their sign-in information and approve the closure if your joint bank account is with an internet bank without any branches.
PREPARATION TIPS FOR JAIIB MAY 2023 EXAM-
Anyone who sincerely wants to make an effort to comprehend the concepts of the JAIIB Exam syllabus 2023 that they want to pass can benefit from the study advice in this article.
If you follow the advice provided here, nothing can stand in your way of passing any exam in the world.
- Set your time and place:
- If you really want to comprehend what you will be reading or seeing, or whatever the case may be, having a location of your own where you can study in peace is essential.
- Find a place in your home where you won’t be disturbed often and where it’s quiet enough for you to hear your own thoughts.
- Set up a schedule:
- Make a schedule or timetable. Although it may appear as though you are actually back in class, I assure you that it will be incredibly useful when determining how far along you are in your JAIIB exam preparation for MAY 2023.
- The key lies in review and revision.
- Since these suggestions are being provided for bankers who are adults, they can understand after only one reading.
- But occasionally, we forget that if a person just reads anything twice or three times, regardless of age, their ability to retain what they have read is significantly reduced.
- Therefore, even though you might be able to understand your syllabus after just one read, the likelihood that you will forget the concepts and the finer points is considerable. You must therefore examine and modify your syllabus study material at least once, if not twice, regardless of how well you understand it.
We provide revision notes and short study notes in the form of ePDFs which have been compiled after carefully reviewing the important topics for the JAIIB MAY 2023 exam. These notes will come in handy a few days before the exam when you need to review the most important aspects of the JAIIB exam MAY 2023.
IIBF JAIIB MAY 2023 STUDY MATERIAL-
- Learning Sessions also creates the study material for JAIIB MAY 2023 of IIBF, which is the best and costs the least in the market.
- However, you won’t receive any cumbersome or heavy books to read; instead, the JAIIB study material in MAY 2023 will include video lectures and complementary notes in the form of epdfs.
- Mr. Ashish Jain has prepared these lectures, especially for the JAIIB exam MAY 2023. He also provides lectures on many other IIBF Courses like Bank Promotional Exams and CAIIB.
- Latest Syllabus: You can access the study materials on our website, which are updated with new lectures and content in response to any modifications that have recently been made to the recommended syllabus
- Video Lectures: In place of using readings or previously published materials, the course consists of live video lectures.
- Topic-wise:: When the video lectures or other content is ordered according to the subjects, it makes it simpler to understand the course material and the syllabus.
- Mock test: To practice and check your knowledge, these Mock tests are very helpful.
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All the Best for your Exams!