Yes, individuals can open single savings account with all family members. In family savings account, many single accounts can be grouped together and operated separately. In a Family Savings Account, maintenance of average quarterly balance will be at group level, which means there is no need to maintain in every single account.
Individuals, associations, societies, clubs, trusts and foreign nationals in India can avail the family savings account.
Also, many banks offer discounts and waiver on charges such as on gold, lockers, debit or credit cards, demat accounts, etc can be availed at lower rates.
Here are best banks which offer family savings account:
HDFC Family Savings Account
HDFC Family Savings Account HDFC Family Savings Account All members of the family who have an individual HDFC account are eligible to open family savings account. While, savings Max, Current and HUF accounts are not eligible to open accounts under this group. A minimum of 2 and maximum of 4 accounts can be grouped under a single Family Savings Group.
Also, a pre-condition at the time of opening or grouping of the account has to hold true which says that at the time of opening, initial pay-in has to be equivalent to the average monthly balance of that variant. This can be understood in simple terms as kids or senior citizens savings account has to be opened with a initial pay-in of Rs. 5000 while regular savings account has to be opened with Rs. 10000.
Including all the accounts, Average Monthly Balance (AMB) of Rs 40,000 should be maintained.
-There will be 50 per cent off on the locker rental on the first year of allotment.
-Free easy international debit card can be availed for all of the account holders. Free cash withdrawal transactions to any of the bank ATMs
-Also the facility to convert simple savings account to savings account sweep in is available to the nominated account. However the sweep-in from NRO account is not allowed.
-Free DD facility for upto Rs. 50000 per account per month .
Kotak My Family
My Family savings account can earn upto 6 per cent per annum. Members can opt for ActivMoney feature where it will convert balance above a certain amount in to a Term Deposit to earn a higher rate of interest.
Family members need to maintain balance in one account or spread across accounts.
There will be a dedicated Relationship Manager allotted for the family. There are two option -Edge which can be opened for up to 3 family members and Average Monthly Balance of Rs 50,000 for the family.
Pro Account if for up to 5 family members and Average Monthly Balance of Rs 1,00,000 for the family.Also some of the advantages that come with the family savings include doorstep banking services.
Free ATM usage for Ace and pro account holders
Travel card is issued with 25% discount
Classic or Platinum debit cards with high withdrawal limit and special offers
Hashtag banking available
Plus there are some progrrame related benefits on offer under three categories in which cash back is provided on debit card spends
ICICI Bank Family Banking
Individual members of a family can group their respective Customer IDs with ICICI Bank, under a single ID called the 'Family ID'. Lower minimum average monthly balance has to be maintained at the family level. Each of the member is not comply with the minimum balance requirements.
To avail this facility, you will need to fill up the form and provide the relevant details. The family is required to define the head of the family and this will be recognised as the Primary Customer ID by ICICI Bank.
1) In the Silver Family account category, a minimum required MAB Rs. 50,000 and non-maintenance attracts a charge as follows:
Rs. 100 + 2% of the shortfall in required MAB or Rs. 500 whichever is lower
2) And the minimum required average balance for a Gold Privilege Family is Rs. 1,00,000.
Non-maintenance of the required FMAB in any month attracts a charge as follows:
• Rs. 100 + 2% of the shortfall in required MAB or Rs. 500 whichever is lower
3) Savings family account: Depending on the branch location, for urban or metro, minimum FMAB requirement is Rs. 30000 and that for semi-urban or rural area is Rs. 20000
4) Also, there are other private banking and wealth management services being offered to family members in a single clubbed account.
Union Family Savings Scheme
Union Family Savings Scheme Union Family Savings Scheme In this account, minimum of 2 & maximum 6 family members accounts can form a group. Customers having multiple SB accounts can club all accounts under this scheme along with other family members.
Family members include grand parents, father, mother, spouse, brother, sister, son, daughter. In order to avail benefits, the group as a whole will have to maintain AQB of Rs 1 lakh in SB accounts OR Rs 10 lakhs in the Term Deposit accounts.
For the new accounts, opened and grouped under the Family savings account category, the combined saving account balance has been kept at Rs. 50000.
It is to be noted that even in the case of family account scheme, the secrecy and the mode of operation of the individual account is as per the given mandate.
Another attractive feature of the Union Banks Family account scheme is that there are no penalty charges of non-maintenance of AQB by the group. But free benefits cease to be provided.
Standard Chartered Parivar Account
The account offers you a flexible, convenient family savings account for wealth accumulation and preservation. Facility of shared balance as a group is available in the account.
Under Parivar account, an average balance of Rs 25,000 per quarter across all accounts should be maintained. The said account considers spouse, children, parents or parent-in-laws and siblings as members that can be included in the accout
Upto four aXcessPlus savings accounts can be bundled in a Parivaar Account. These accounts may be opened jointly or on a sole basis
So in all 5 individuals can be there in the Family account and can open up to 4 accounts with any of the combinations.
The author has made every effort to be as accurate as is possible. You need to check with individual banks on the products and features. They may differ, if the bank has upgraded its terms and conditions.