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Joint accounts of Non-Residents with Residents |
Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs) can open and maintain their accounts jointly with their resident Indian relatives (means relative as defined under section 2(77) of the Companies Act, 2013) on a "Former or Survivor" basis. This means the NRI/PIO/OCI account holder is the primary holder ("Former"), and the resident relative is the secondary holder ("Survivor"). Close relatives who are allowed to be joint account holder are as below:
- Father (includes step-father)
- Mother (includes the step-mother)
- Son (includes the step-son)
- Son’s wife
- Daughter (includes the step-daughter)
- Daughter’s husband.
- Brother (includes the step-brother)
- Sister (includes the step-sister)
- Spouse
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Did you Know?
Individual residents in India are also permitted to include non-resident close relative as a joint holder in their resident savings bank accounts for operational convenience on “Either or Survivor” Basis.
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