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

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....ization Attention of Authorised Dealer (AD) banks is invited to A.P.(DIR Series) Circular No.12 dated September 15, 2011 in terms of which individuals resident in India were permitted 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. Such non-residen....

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....t for all purposes and all regulations applicable to a resident bank account shall be applicable. • Cheques, instruments, remittances, cash, card or any other proceeds belonging to the NRI close relative shall not be eligible for credit to this account. • The NRI close relative shall operate such account only for and on behalf of the resident for domestic payment and not ....

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....avings bank account. 4. While extending this facility the AD bank should satisfy itself about the actual need for such a facility and also obtain the following declaration duly signed by the non-resident account holder: "I am the joint account holder of SB/FD/RD/Current Account bearing No ....... which stands in my name and in the name of Shri/Smt. ........... who is my .......... (state rel....