No restrictions for persons from queer community to open joint bank accounts: Finance Ministry

The Ministry of Finance has issued a clarification regarding the rights of the Queer community in opening joint bank accounts and designating nominees. In connection with a recent judgment by the Supreme Court of India on October 17, 2023, in the case of Supriya Chakraborty and another Vs. Union of India (Writ Petition Civil No. 1011/2022), the Ministry affirmed in an advisory that there are no restrictions for individuals of the Queer community to open joint bank accounts. Furthermore, they can nominate a partner in a queer relationship as a nominee to receive the account balance in the event of the account holder’s death.The statement also mentioned it is in line with a directive issued by the Reserve Bank of India (RBI) to all Scheduled Commercial Banks on August 21, 2024.



Source link