Joint accounts in FundsIndia

Having a joint account in FundsIndia works slightly differently from other service providers. Whereas in most other places, one would create an explicit joint account stating first holder, second holder etc. at FundsIndia, it is much more flexible.

In an earlier section we saw how to create multiple investment accounts within the same login id.

The way joint accounts work in FundsIndia is to combine multiple investors within the same login id into what we called "Joint holding profiles".

What is a "Joint holding profile"? It is simply a mode of holding for a mutual fund folio. You can hold mutual fund folios either singly or jointly. If you invest as an individual, you are investing using a single holding profile or an individual holding profile. If you are investing jointly, you are investing using a joint holding profile.

Advantages

By doing joint investments in this manner, FundsIndia provides a very flexible way of investing for the family. Basically, one would need to create individual accounts, and use those individual accounts to create joint holding profiles. Once done, an investor can invest in any one of the individual name or using a joint holding profile.

Let's take an example: Suppose under a single login id, there are two investor accounts - Husband and Wife. These two accounts can be combined into two different joint holding profiles by switching the first and second holder. So, Husband/Wife would be one joint holding profile, and Wife/Husband would be another.

So, at the time of making an investment, the investor would have the choice of making it from among four ways:

1. Individual - Husband
2. Individual - Wife
3. Joint - Husband/Wife
4. Joint - Wife/Husband

All investments made with any of these profiles will be viewable in a consolidated manner in the same FundsIndia account page.

How to create Joint holding profile

Creating one or more joint holding profile is very simple, and requires no paper work. Once the individual investors are activated, an investor can go to their 'My Info' section, and choose 'Create Joint account' link from the left. They will be required to choose the first and second holders for the new profile, and confirm.

That's it, a new joint holding profile has been created and will be available as an option the next time an investment transaction is made.