How to add Family Members to Your Investment Account
16 May, 2024
Synopsis
The HDFC Bank SmartWealth App's Family Wealth feature lets you add family members who are also SmartWealth users. Once they approve, you can view their investments alongside your own in one convenient location.
Family members can choose to revoke your access to their investments, and you can also remove them from your Family Wealth view.
Meet Priya and Rhea, two working women in their 30s who are living in Mumbai. After a long week at work, they decided to catch up on Saturday morning for brunch.
After placing their food orders, the two friends started chatting about what's been happening in their lives. Rhea mentioned that she's been spending a lot of time researching investments to secure her financial future.
Priya: That's amazing, Rhea! I really need to improve my investing, too. All my money is sitting in a regular savings account.
Rhea: I understand, Priya. I was the same until a few months ago. But then I realised I needed to be more proactive about fulfilling my dreams, such as buying a house or retiring.
Priya: You are so right. Can you tell me more about how active you are with investments?
Rhea explained that she had downloaded the HDFC Bank SmartWealth app and was really impressed with the user-friendly interface and wide range of investment options. She told Priya how the app makes investing super simple, even for a newbie, through personalised recommendations and pre-made investment baskets.
Priya: It's incredible how the SmartWealth app gives you flexibility and control over investments. So, are you investing in stocks or mutual funds?
Rhea: Yeah, I'm mostly in mutual funds since they suit my investment profile and objectives. The best part is that I've added my husband Rohit as a family member to my HDFC Bank SmartWealth app. So now I can easily track and monitor his and my investments in one place.
Priya: That's so cool! Tell me more about how you added your husband as a family member. Can we also do that for our parents and siblings?
Rhea: Sure, let me walk you through the process. So first, the family member you want to add needs to have their own HDFC Bank SmartWealth account.
Priya: Got it, so my mom, who doesn't use the SmartWealth app currently, can't be added directly by me, right?
Rhea: Right. She would first need to sign up independently. Since Rohit is already on SmartWealth, I went to the Your Family Wealth option on the dashboard tab. Then, I clicked on Add Member and entered Rohit's customer ID.
"Ah, okay, that seems like a simple enough process," nodded Priya.
Rhea: Yeah, it's super easy. After I sent the request, Rohit received a notification on his SmartWealth app and had to authorise it. Once he approved, both our investment portfolios were linked under my login.
It's also worth mentioning that the process is just as straightforward if you need to remove a family member's access in the future. You can revoke their approval with a few simple clicks from within the Your Family Wealth section on the Dashboard. This allows you to maintain control and flexibility over who has visibility into your collective investments.
Priya: That's awesome! It must make tracking your joint finances so much easier to have everything accessible in one view.
Rhea: Absolutely! The Your Family Wealth dashboard gives me a consolidated overview of our mutual funds, NFO, fixed deposits, etc. I can also easily track our net worth and asset allocation, although I can't actually transact from Rohit's account.
Priya: That makes sense; you wouldn't want someone else making changes without your knowledge. But read-only access is so helpful for monitoring!
Rhea: Totally. It helps us make more informed investment decisions when we see the big picture. Like recently, we realised our equity exposure was too low, so we invested more in equity funds.
Priya: That's really smart. Once I start using the HDFC Bank SmartWealth app, I should consider adding my husband, Rakesh. Maybe later, I can also send a request to my mom if she decides to join.
Rhea: For sure! The Your Family Wealth feature is super handy. Even if you can only add Rakesh right now, it'll help you align your investing approach. Later on, adding more people is easy.
Priya: This was so helpful, Rhea; thanks for explaining. The app seems perfect for first-timers like me! I'm going to download the HDFC Bank SmartWealth today and start investing.
Rhea: You're most welcome, Priya!
The two friends left after the brunch meeting. While leaving, Priya felt elated that the HDFC Bank SmartWealth would give her the much-needed confidence to manage her funds and investments and use the handy family wealth feature to add her husband.
FAQs
Can My Parents Invest Money in My Name?
A parent or legal guardian can invest in mutual funds under a minor's name. However, these investments will not include joint owners, making the child the primary and sole holder of the investment.
How Much Money Can a Husband Give His Wife, Tax-Free in India?
Under Section 56(2) of the Income-tax Act, 1961, gifts received up to ₹50,000 from all sources in a financial year are exempt from tax. However, if the total amount of gifts received from all sources in a year exceeds ₹50,000, the entire amount becomes taxable.
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