Legal Question in Banking Law in India

Re: Opening an Account

It will be better you open a new account.

Re: Opening an Account

you should open new account . As such HUF is not a legal person

Re: Opening an Account

Demat accounts should follow the way the shares stand in the physical form. I don't think that shares are issued in the name of a HUF family name. Either they are in single names and jointly with another or other. It is therefore necessary that the demat account should also be in the name or names in which the share certificates stand. e.g. if the shares stand in the single name, the demat account should be in that name and if any stand in joint names it should follow the same order. Whether the shares are held in an individual account or for the benefit of a joint family, it is an altogether different when submitting income tax or wealth tax returns depending upon the source of investment whether for individual benefit or for HUF whether held in the single or joint names. The way in which demat accounts are maintained is immaterial for that purpose.

Re: Opening an Account

You can get the joint converted in the name of HUF. However, you and your both may remain as signatories - you as Karta of the HUF; and your wife as authorised signatory (mandate holder). Alternatively, you may open a new account in the name of HUF and close the previous account. You should contact your bank with your requirement and they will resort this issue.