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

Resident bank account joint operation: non-resident close relatives may be joint holders on either-or-survivor basis subject to conditions.

Non-resident close relatives may be joint holders in resident bank accounts on an Either or Survivor basis while the account remains a resident bank account; the NRI cannot credit their own proceeds, may operate the account only for the resident for domestic payments without creating beneficial interest, and must notify the bank to reclassify the account as NRO if they become the survivor, with banks obtaining a signed FEMA compliance declaration.