Eligibility for Joint Accounts

• NRIs can open joint accounts with resident Indians only in NRO accounts.
• NRE and FCNR accounts do not permit resident Indians as joint holders.
• The resident Indian must be a close relative as per RBI rules.
• Both holders must provide required documents for account opening.
• Joint operation is allowed only under specified RBI conditions.

Permitted Operational Modes

• The account is typically operated on a ‘former or survivor’ basis.
• NRIs have full operational rights as the primary holder.
• Resident joint holder’s rights are limited to surviving the primary holder.
• Banking transactions may require signatures as per mandate.
• Bank policies may differ regarding operational permissions.

Documentation Requirements

• KYC documents for both NRI and resident Indian.
• Proof of relationship for resident joint holder.
• Valid passport and visa for NRI holder.
• Account opening form signed by both parties.
• PAN card and overseas address proof as required.

Restrictions and Conditions

• Repatriation benefits are not available for resident joint holders.
• Only the NRI can repatriate funds as per regulations.
• Resident Indian cannot deposit foreign currency directly.
• Interest income is taxed as per Indian tax laws.
• Non-compliance may result in penalties or account restrictions.

RBI and Bank Compliance

• Banks follow RBI guidelines for joint NRO accounts.
• Periodic review and KYC updates are mandatory.
• Non-adherence to rules may lead to freezing of account.
• Accurate declaration of status and relationship is essential.
• All transactions are monitored for regulatory compliance.