Question
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 āeither or survivorā basis according to the Reserve Bank of India (RBI). The term āeither or survivorā refers to the condition where both of the account holders can operate the account independently in the absence of the other. Note ā The accounts in India by NRIs (like NRE, NRO or FCNR accounts), can be held by NRI jointly with a resident relative on āformer or survivorā 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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