Resident Bank account maintained by residents in India –Joint holder – liberalization

Resident Bank account maintained by residents in India –Joint holder – liberalization

RBI formerly permitted individuals resident in India to include non-resident close relative(s) (relatives as defined in Section 6 of the Companies Act, 1956) as a joint holder(s) in their resident savings bank accounts on “former or survivor” basis. Now Reserve Bank permitting to operate such accounts on “Either or Survivor” basis. Accordingly, it has been decided that banks may include an NRI close relative (relatives as defined in Section 6 of the Companies Act, 1956) in existing / new resident bank accounts as joint holder with the resident account holder on “Either or Survivor” basis subject to the certain conditions. See the details here