OCI - Joint Bank Accounts in India - What to do?

[prady]

Hi All,

I got my OCI processed at the beginning of this year.

Me and my wife(both US citizens and OCI now) have joint bank accounts with our parents back in India.

My question is what to do with them ...should we take our names out from those accounts as I believe as NRIs we can only hold NRE, NRO.... etc those kind of accounts? Please offer your suggestions here.

Also can I have a Indian Resident as a joint holder in an NRE/NRO etc account that I may have ...in other words can I or my wife have our parents( who are resident Indian citizens) hold a joint account(NRE/NRO ...etc) with either my wife or myself?

Conversely can we be a joint holder to a regular bank account that any resident Indian citizen would hold in India?

Thanks for all your help.

 

[ginnu]

Hi All,

I got my OCI processed at the beginning of this year.

Me and my wife(both US citizens and OCI now) have joint bank accounts with our parents back in India.
---do you mean normal Saving accounts? or NRE accounts?
My question is what to do with them ...should we take our names out from those accounts as I believe as NRIs we can only hold NRE, NRO.... etc those kind of accounts? Please offer your suggestions here.
---- Who cares let it be

Also can I have a Indian Resident as a joint holder in an NRE/NRO etc account that I may have ...in other words can I or my wife have our parents( who are resident Indian citizens) hold a joint account(NRE/NRO ...etc) with either my wife or myself?

----for NRE/NRO account you can have joint account with other NRI/PIO

Conversely can we be a joint holder to a regular bank account that any resident Indian citizen would hold in India?
--RBI says that once you become NRI one should inform the bank so that saving bank A/C should be converted to NRO. but who follow the rule? how many informed bank? even the Bank manager may not know about it.Many still have Saving bank accounts and nobody cares.

Thanks for all your help.

go to ICICI/HDFC site and can find the NRE. NRO account FAQ