šŸ“¢ Too many exams? Donā€™t know which one suits you best? Book Your Free Expert šŸ‘‰ call Now!
  • google app store apple app store
    • āœ–

      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 ā€œeither or survivorā€ basis according to the Reserve Bank of India (RBI). The term ā€œeither 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 ā€˜former 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.

      Practice Next
      More Financial Management Questions

      Relevant for Exams:

      ask-question