On what basis is an individual resident Indians permitted to include NRI close relatives as a joint holder in resident bank account?

Solution

Indian Residents can open a resident bank account jointly with an NRI on “either or survivor” basis according to the Reserve Bank of India (RBI). The term “either or survivor” refers to the condition where both of the account holders can operate the account independently in the absence of the other. Note – The accounts in India by NRIs (like NRE, NRO or FCNR accounts), can be held by NRI jointly with a resident relative on ‘former or survivor’ basis. In this case the resident relative can operate the account as a Power of Attorney holder during the life time of the NRI/ PIO account holder.