Joint Account Flow

Step-by-step flow for creating online joint MF accounts on Wealthy — current constraints, fixing auto-created folios, and audience-specific responses.

Current Constraint

Only “Either or Survivor” joint accounts with 2 holders can be created online on Wealthy at the moment.

Step-by-Step Creation Flow

  1. Create individual accounts for both the primary and the secondary holder.
  2. Both accounts must be active (Investment Ready).
  3. Create a Family under the primary holder:
    • Add the secondary holder under the primary’s family with the correct relationship.
    • Create a new joint account under the same family using the primary holder’s contact details.
    • ⚠️ The relationship must be selected as “Joint” — not any other relationship type. This is mandatory.
    • ⚠️ The name entered during joint account creation becomes the display name in the system — it cannot be changed later. Folio names will be as per the KYC records of the first and second holder.
  4. After creation:
    • Primary holder becomes Head of Family.
    • Secondary holder and the joint account are added as family members.
  5. The customer must switch to the joint account in the app and complete the profile via “Complete Now” under the “Attention Required” banner.
  6. OTPs will be sent to the registered contact details of both holders for verification.
  7. If customers face issues completing the joint account profile, they can use:

Auto-Created Joint Accounts (from Offline Transactions)

Folios that were auto-created from offline feed data tend to have these problems:

  1. Individual accounts may not exist for the primary or secondary holder
  2. Individual accounts may not be active / investment-ready
  3. The joint or secondary holder’s account may not be linked to the primary’s family
  4. Contact details may be inaccurate or outdated (auto-created from folio feeds)
  5. Contact info conflict — the same contact details used for multiple accounts (joint holders or family members). When raising a ticket, specify whose contact details are being used and the relationships of all investors sharing them.
  6. Family group hierarchy may be incorrect (primary holder may not be set as Head)
  7. Compliance / KYC issues due to missing or incomplete primary account setup
  8. Mismatch in account ownership or relationship types

Fix Process for Auto-Created Joint Accounts

  1. Identify the joint account and create individual accounts for the missing first / secondary holders using “Add New User”. This creates a temporary family group with primary and secondary holder accounts. If the joint account is being created under the family, use the same contact details as the first holder.
  2. After creation, dissolve the temporary family group.
  3. Add both the joint account and the secondary holder’s individual account under the primary holder’s family group.

Important Facts About Joint MF Accounts

Structure

  • Can have 2 or maximum 3 holders
  • All holders have equal rights and authority
  • Consent and signatures of all holders are required for all transactions (purchase / redemption)

Modes of Holding

  • Joint — signatures of all holders required for every transaction
  • Either or Survivor — any one holder can authorise transactions (less hassle; Wealthy supports this online)
  • Anyone or Survivor — similar to Either or Survivor

Benefits

  • Seamless succession to the remaining joint holder if one holder passes away
  • Joint holder gets preference over the nominee in the succession ladder
  • Nominee gets access only when both joint holders pass away
  • Easier documentation at the time of succession (KYC already done)

Tax & Other Rules

  • ELSS tax benefit — available to the main / first holder only
  • Capital gains tax — main / first joint holder is accountable
  • A nomination can be added but takes effect only after both holders’ deaths
  • Minors are NOT allowed as joint holders

Audience-Specific Responses

Partner asking how to create a joint account:

“Both holders need individual Investment-Ready accounts first. Then create a Family under the primary holder, add the secondary holder, and create the joint account under the same family. The client will need to complete the joint account profile in the app — OTPs go to both holders. If there are any issues, write to partner.support@wealthy.in.”

Client asking about joint accounts:

“We support online joint accounts with 2 holders in Either or Survivor mode. Both account holders need to complete KYC and be investment-ready. Once set up, either holder can transact. For help, use in-app chat or email customer.support@wealthy.in.”

Support team (internal): Check: (1) both individual accounts are Investment Ready, (2) family is set up correctly with primary as Head, (3) contact details are not conflicting. For auto-created joint accounts from offline folios, follow the fix process above.