Resident Bank account maintained by residents in India – Joint holder – liberalization

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..... ised Dealer (AD) banks is invited to A.P.(DIR Series) Circular No.12 dated September 15, 2011 in terms of which individuals resident in India were 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 savings bank accounts on former or survivor basis. Such non-resident Indian close relatives .....

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..... ulations applicable to a resident bank account shall be applicable. Cheques, instruments, remittances, cash, card or any other proceeds belonging to the NRI close relative shall not be eligible for credit to this account. The NRI close relative shall operate such account only for and on behalf of the resident for domestic payment and not for creating any beneficial interest for himself. Wher .....

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..... need for such a facility and also obtain the following declaration duly signed by the non-resident account holder: I am the joint account holder of SB/FD/RD/Current Account bearing No . which stands in my name and in the name of Shri/Smt. .. who is my . (state relationship). I hereby undertake that I shall not use the proceeds lying in the above account for any transaction in contraven .....

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