Joint And Family Accounts on Kuvera

Ever since the launch of the new Kuvera platform, we’ve been bombarded with requests to accommodate joint and family accounts on Kuvera.

Bombarded is the correct term here, ’cause there’s no other way to explain the amount of eagerness our user community has shown for joint and family accounts feature.

What’s not to like about this?!

Be it a tech-savvy youngster managing their parents’ investments, or someone investing with their spouse — it’s mighty convenient to have all your joint and family accounts under on login.

One login to rule them all!

 

As of today, we’re delighted to present you with this option – to create a joint account (multiple investors, in anyone or survivor mode) or individual account (single investor) under a single login as a family account feature.

To be able to view this screen, you need to find the switch icon on the navbar, left of the cart icon.

 

 

But How do I Set Up Another Account Under the Same Login?

Here goes the process.

 

You’ve to start with the Add New Account link from the switch account screen.

Once you’ve decided to create an individual account, the process is very similar to what you did when you signed up for the first time.

Except, much easier!

No one likes to fill up forms on the web. So how about we reduce that workload on the user?

Instead of entering PAN, mobile number, date of birth over and over; you can select from users you’ve already added if they’re KYC verified.

Here’s the same screen for a joint account. Notice that this would be created in Anyone or Survivor mode.

 

For Joint Account, the difference is now you’ve to go through three stages of adding applicant — Primary Holder, Second Holder, Third Holder.

And you cannot add the same applicant twice.

At any stage, you can choose applicant, from the list of applicants you had added earlier; or you can use the Add New Applicant link to add a new KYC verified applicant.

For Joint Accounts, the third holder is optional.

Once you complete this step — either select individual holder from this list, or add a new individual holder who is KYC verified; you would be taken to a confirmation screen, where you can verify and confirm these details.

Refer to similar step for Joint Account setup below

If the account holders are what you’d want, then you need to hit CONFIRM button to go to the next step. Otherwise, you can go back and edit account holders.

This would take you to the bank setup page.

Even here, you’d see options to select banks you have already added — because again, who likes to fill up forms!

You can either select an existing bank from the list of banks you’ve added previously, or add a new one.

 

Mind you, the bank you add for a new Kuvera account (joint or for a family member) must have one of the account holders’ listed in the bank account.

Which is why you have to select the checkbox before proceeding.

Once your account is all set up, you can start investing and managing all your joint and family member accounts under one login. The simplicity of the Kuvera interface merged with the power of managing multiple accounts in one place.

FAQ: Can I Set Up Minor and HUF Account on Kuvera?

You cannot use the above setup, as of yet, to create a minor account or HUF account. That being said, we’re working on these and will release once we’ve tested internally. Stay tuned!

FAQ: A family member has an existing account with Kuvera. Can I link this account as a family account under my login?

No, an existing family member account (of your wife, husband, father etc) cannot be linked under your login as a family account. We are building a “Master Account” functionality which will allow this.

Log in today and consolidate all your Joint and Family accounts under one login. Benefit from all the other goodies, 1-Click switch to Direct Mutual Fund plans and Goal planning.

 

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19 Responses

  1. Panneer Selvam S says:

    Sir, I and spopuse have separate accounts and imported our portfolios. Till now we could not enable smart switch because of not having enough coins. Is there any alternative way. Kindly reply how could we use whatsapp method you were replied to a querry. How could we manage our accounts in a convenient way. I wish to change my investments in direct plans soon after they get out of exit load time by time. Kindly reply and guide me

  2. pragnesh radadiya says:

    what about adding existing family account ?

  3. It seems to be good approach, let’s verify.

  4. Brar says:

    Can we invest in dividend plans through kuvera please?

    • Gaurav Rastogi says:

      Yes, dividend payout options are also available on Kuvera. On the “Explore Funds” page choose the Dividend option.

  5. Karthik Kanniyappan says:

    Looking forward eagerly for the Master account so that family members can individually log in to their accounts respectfully and view/transact and as well as one person in Family (Typically the investment punter of the family ) can as well view and transact on behalf of any family member. This would be a fantastic way to manage investments under one hoodie as well as independence to each of these members to have their independent logins.

  6. Karthik Kanniyappan says:

    I m also looking forward eagerly for the Minor accounts… The best way to build child investments is when they are minor is to build corpus individually under their name being a minor and transfer everything once they are major…

  7. Dr pradip trivedi says:

    Dear sir….For. SIP…Net banking is required or not

  8. Arjun Suresh says:

    Dear Gaurav,
    Could you please comment when the Master account functionality would be enabled. Any forecasted ETA you have in mind would be greatly appreciated. Also, appreciate the great efforts your team as put in on building these services.

  9. Subhra says:

    Hey kuvera guys, great platform I must say. I use it regularly. Now that I can add my family members and manage their investment is such an amazing and innovative option. I have a query about if I add my family members as second and third account holder and invest in else schemes then who will get the tax benefits?

    • Gaurav Rastogi says:

      Hello Subhra, in a joint account, the ELSS benefits can be claimed only by the primary holder.

      Hope this answers your question.

      Regards
      Gaurav

  10. Lovneet says:

    Do you have SIP plus or reliance SIP insure available ….in Direct growth option ?

    • Gaurav Rastogi says:

      Hello Lovneet, SIP plus will launch shortly. We have ICICI SIP insure, Reliance SIP incure and other AMC SIP insure will be added shortly.

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