Mukul Khare asked on 20/02/2023

Can two NRIs open a joint account?

answered on 01/03/2023

Yes. NRIs can open a joint account with other NRIs for an NRE/NRO or FCNR Account.


Joint Account Holding: Can Indian Residents open a joint account with an NRI?

Indian Residents can open a joint account with an NRI on “either or survivor” basis according to the Reserve Bank of India (RBI). The term “either or survivor” refers to the condition where both of the account holders can operate the account independently in the absence of the other.


NRIs can be a joint account holder in more than one bank accounts as long as they are closely related to all the resident account holders. For example, an NRI can be a joint account holder for both his/her mother’s and father’s account in India. 


Indian Residents can open a joint account with an NRI. However, such joint accounts are opened with some conditions, which are:

  • Such joint accounts can be opened between an NRI and a relative who is a resident of India (Parents, siblings, spouse, siblings’ spouse, children, spouses’ of children, grandparents, grandchildren, spouses of grandchildren)
  • All rules and regulations applicable to a resident bank account will be applicable to the joint account
  • The NRI must sign a declaration and submit it to the bank stating that the funds in the joint account will not be used in violation of FEMA guidelines
  • The NRI can not deposit any money (in form of cash, cheque or remittances) in the joint account
  • The money in the account can not be transferred outside India or given as a gift or transferred to the NRE/NRO account of the NRI
  • The resident Indian will be the primary account holder and the NRI will be the secondary account holder
  • The  joint account can be used by the resident account holder to carry out payments in India

For more queries on “Joint Account Holding”, click here.

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