Joint holding of RFC/EEFC accounts with resident close relatives permitted, but joint holder cannot operate account during lifetime. Resident individuals may include resident close relatives as joint holders in their EEFC and RFC accounts on a former or survivor basis, provided the joint holder is not permitted to operate the account during the lifetime of the resident account holder; regulatory amendments will follow and authorised banks must notify account holders, without prejudice to other legal permissions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Joint holding of RFC/EEFC accounts with resident close relatives permitted, but joint holder cannot operate account during lifetime.
Resident individuals may include resident close relatives as joint holders in their EEFC and RFC accounts on a former or survivor basis, provided the joint holder is not permitted to operate the account during the lifetime of the resident account holder; regulatory amendments will follow and authorised banks must notify account holders, without prejudice to other legal permissions.
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