Q686. NRI holding Indian Joint Savings Account with Wife living in India

Question: Dear Sir, I am NRI and having joint savings bank account with wife. My wife staying bank in India. Please advice can I hold joint saving bank account with resident Indian. Thanks & Regards, Melwin

Answer: Not sure whether you are an Indian citizen temporarily away from India for work etc. while your wife is living in India or are you a former Indian citizen who has acquired foreign citizenship? I can however give you a general answer to your question. You can decide what applies to your situation: 1. The Reserve Bank of India (RBI) allows Indian residents to hold savings bank account jointly with an NRI but only on ‘former or survivor' basis. o In case you are wondering what ‘former or survivor’ basis means, such a restriction does not allow the non- resident joint account holder of the account to operate the account during the lifetime of the other primary account holder. 2. RBI now allows NRIs to hold joint accounts with Indian residents. For example if an NRI has a NRO account in India they can use this account jointly with an Indian resident or even another non-resident. o For example if you have an NRO account in India, you can jointly own the account with your wife and both of you can operate the account. Any resident account that you previously held prior to becoming NRI can easily be designated to NRO account type by simply contacting your bank and letting them know of your NRI status. 3. NRIs are supposed to open Non-resident bank accounts in India. They cannot open resident bank accounts.