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Home / NRI / Can NRI Open Joint Account With Resident Indian?
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Can NRI Open Joint Account With Resident Indian?

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0 2022-10-10T10:00:09+00:00
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A relative of mine got a scholarship and went to Russia for higher studies and after a year wanted to open a joint account with his father. Last time when he visited Delhi, he asked the bank officials

can NRI open joint account with resident Indian and got to know it can be done on an “either or survivor” basis. I know many of you do not know what this means so let me share the details I got to know from my brother.

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   What is the “Either or Survivor” basis?

The term “either or survivor” basis states a situation where both the account holders can use the account independently in absence of the other. There are however some rules like:

  • The account holders must be very closely related like that of parents, spouse, siblings and more or else holding joint account will not be allowed. 

  • Both of them must be following the same set of rules imposed by the bank

  • The NRI must agree and submit a documentation to the bank stating that the funds kept in the joint account will not be used in violation of FEMA guidelines

  • The Indian resident will be the primary account holder and the NRI must be the secondary one

  • The money deposited in the account cannot be transferred outside the nation or to the NRE/NRO account of the NRI

  • The joint account can be used by the Indian resident to do transactions in India

These points should answer can Indian resident open a joint account with an NRI or not and under what terms.

Things were not at all complicated as it seemed to be. It w=is better to discuss these with the bank officials and then opt for it.

 

I hope you have got your answer of

can NRI

open joint account with resident Indian.

  Read More:

How to close ICICI bank NRI account online?

Can NRI keep fixed deposit in India?

What is the difference between NRI and NRE?

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