No, you cannot add a second or third holder to your existing individual account to make it a joint account. You need to open a new joint account instead. However, you can add a nominee to your existing individual account.
Opening a joint account with an existing individual account
You can open a joint account while keeping your existing individual account, but the primary holders of both accounts must be different people. If you want to be the primary holder of the joint account and you already have an individual account, you must close your existing individual account first.
Example scenario
John has an individual account with Zerodha and wants to add his spouse, Sarah, as a joint holder. John cannot add Sarah to his existing account. Instead, they can open a new joint account where:
- Sarah becomes the primary holder of the joint account
- John can be added as a second holder
- John keeps his existing individual account
If John and Sarah want John to be the primary holder of the joint account, they must:
- Close John's existing individual account.
- Open a new joint account where John becomes the primary holder.
You can add a nominee to your existing individual account without opening a new joint account.