Joint bank account in India?

D

dhulandhar

New Member
I'm a USC with OCI. My mother (in India) would like to add me as a joint account
holder, so I can operate her account in an emergency (she's had this account for
30+ years). My understanding with OCI was that I would basically have all the
same rights as Indians, except for buying agricultural land, voting and running for
office. So she should be allowed to add me to her account, right?
Can someone point me to RBI guidelines or some other official documentation
so I can convince these bank guys?

Thanks!
 
Yes, a resident Indian can have a resident account jointly with an NRI but the NRI cannot operate it during the lifetime of the resident Indian. It is just like being the beneficiary or nominee. The resident holder would be the first account holder and you would be the second. The account will be designated as '"Former or Survivor".

You will have to report that account to Dept of Treasury under FBAR rules if balance exceeds equivalent of $10,000 on any day.

See http://www.rbi.org.in/scripts/faqview.aspx?id=52
 
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