FEMA – RBI permits individuals resident in India to include non-resident close relative(s) as a joint holder(s) in their resident bank accounts

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It has been decided that individuals resident in India may be permitted to include non-resident close relative(s) (relatives as defined in Section 6 of the Companies Act, 1956) as a joint holder(s) in their resident bank accounts on ‘former or survivor’ basis. However, such non- resident Indian close relatives shall not be eligible to operate the account during the life time of the resident account holder.

RBI/2011-12/173
A.P. (DIR Series) Circular No. 12

September 15, 2011