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
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. 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. One free add-on Trading Account for Spouse can be availed.
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.
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'.
The minimum required MAB for a Gold Privilege Account is Rs. 50,000 and the minimum required average balance for a Gold Privilege Family is Rs. 1,00,000.
If 4 members of a family group together to form a Gold Privilege Family, then the minimum balance required to be maintained per person is Rs 25,000.
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.
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.
Standard Chartered Parivar Account
Standard Chartered's Parivaar Account offers you a flexible, convenient family savings account for wealth accumulation and preservation.
Under Parivar account, an average balance of Rs 25,000 per quarter across all accounts should be maintained.
Upto four aXcessPlus savings accounts can be bundled in a Parivaar Account. These accounts may be opened jointly or on a sole basis
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.