Joint Accounts with Resident Family: Rules for NRIs and Foreign Citizens
New Delhi [India], February 23: Moving abroad changes your relationship with India and the way you manage your finances. You can still access and manage funds in your home country as a Non-Resident Indian (NRI), but subject to specific rules. So, if you’re considering adding a resident family member to your account in India, you may want to understand the regulations for the same. Read ahead to learn about the requirements, processes, and limitations to managing your finances wisely.
RBI regulations for NRI joint account holding
You can choose one resident account holder to add to your NRI account. Their rights are functional, on a ‘Former or Survivor’ basis. This means you hold the right to operate the account as the primary account holder. The resident co-holder can access the account on...