Are Joint NRE, NRO And Fixed Deposit Accounts Possible For NRIs?

NRIs often look to open a joint bank account with their loved ones.

But is joint ownership possible?

Yes, it is. Let’s evaluate how and the relevant rules.

NRO and NRE Accounts

Joint NRO or NRE accounts can be opened with a resident Indian or another NRI. In case of residents, the ‘Former or Survivor’ basis applies.

The primary account holder can only operate the account. However, if the resident account holder is made the mandate holder he can also operate the account.

In both cases, the resident Indian should be a relative of the NRI to allow the joint ownership to work.

FCNR Account

The FCNR is a fixed deposit account operable on an individual or joint basis. For joint accounts, you can choose a resident Indian or an NRI.

If residents are joint holders, the account operates on the ‘Former or Survivor’ basis where the resident can operate only if he is the mandate holder.

Choose IDFC FIRST Bank’s NRI Bank Accounts and open them jointly with your loved ones. Enjoy seamless digital banking with attractive interest rates.