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    Question

    On what basis is an individual resident Indians

    permitted to include NRI close relatives as a joint holder in resident bank account?
    A former or survivor basis Correct Answer Incorrect Answer
    B either or survivor basis Correct Answer Incorrect Answer
    C A or B Correct Answer Incorrect Answer
    D NRI holder cannot be joint holder for resident bank accounts Correct Answer Incorrect Answer
    E Survivor basis Correct Answer Incorrect Answer

    Solution

    Indian Residents can open a resident bank account jointly with an NRI on тАЬeither or survivorтАЭ basis according to the Reserve Bank of India (RBI). The term тАЬeither or survivorтАЭ refers to the condition where both of the account holders can operate the account independently in the absence of the other. Note тАУ The accounts in India by NRIs (like NRE, NRO or FCNR accounts), can be held by NRI jointly with a resident relative on тАШformer or survivorтАЩ 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.

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