How to add a joint account holder to your NRI Account?

More and more Indians who have settled abroad are taking advantage of a double income. This includes earning an income through the foreign currency and investments in the home country.

This multiple complex financial functioning has been made possible through the introduction of the rules and regulations of the NRI account. Non – resident Indians are now allowed to open either the Non-Resident (External) or the Non-Resident (Ordinary) account based on one’s requirements. However, the repatriation rules for each of these accounts are different. For example, the NRE accounts are freely repatriable, whereas the NRO accounts are conditionally so.

Similarly, the requirements for adding a joint account holder to the account is also different. An NRI can be a joint holder with any resident Indian only on a former or survivor basis. However, the NRI can only add a non – resident mandate holder to his NRE account. In the case of the NRO account, an NRI or resident account can hold a joint account holder.

But why should you add a joint account holder to the different NRI account? There are several reasons, which includes convenient access and management of the account. It could also make the transfer of funds easier, especially of the recipient is a member of the family, where the funds repatriated are used for household maintenance.
In order to add a joint account holder to your NRI bank account, here are the steps you will need to follow:
Form: You will need to approach the bank where you have opened the NRI account, and request for a joint applicant inclusion request form. You can either get a physical form or down the form from the bank website. Follow the instructions on the form and fill up the respective details. If the customer is already an existing customer of the bank, he/she should also include the customer ID.
Documents: As a part of the application process for the NRI bank account, the following self-attested document copies must be provided:

• Passport: Normally the first and the last page of the passport is required.
• Visa: Current visa is required
• OCI/Resident Permit
• Overseas address proof
• Initial paycheque of the joint applicant’s overseas account. If unable to do so, the passport and visa copy must be duly attested. It should be done by a foreign notary or Indian consulate general in the foreign country.

In the event the documents cannot be provided, alternate KYC documents permitted by the bank can be submitted.

Submission: Once all the forms have been completed and signed, along with the necessary documents, it can be given either at the overseas bank branch or the Indian branch. Alternatively, the documents can also be dispatched to the bank at its head address in India. In this case, most of the banks provide a PO box facility for these overseas activities. Once the documents are received and ascertained to be in order, it would take around 10 days for the process to be finalized.


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