LGBTQ persons can now open joint bank accounts - NO Restrictions
According to the Finance Ministry, there are no longer any limitations for members of the LGBTQ community when it comes to establishing a joint bank account or designating a beneficiary who is in a gay relationship.
"This is to clarify that there are no restrictions for persons of the queer community to open a joint bank account and also to nominate a person in a queer relationship as a nominee to receive the balance in the account in the event of the account holder," according to an advisory released by the ministry on august 28.
The supreme Court's ruling in Supriyo@Supriya Chakraborty and others v. Union of India, which was issued on october 17, 2023, served as the impetus for the LGBTQ community guidance.
"This is to clarify that there are no restrictions for persons of the queer community to open a joint bank account and also to nominate a person in a queer relationship as a nominee to receive the balance in the account in the event of the account holder," according to an advisory released by the ministry on august 28.
The supreme Court's ruling in Supriyo@Supriya Chakraborty and others v. Union of India, which was issued on october 17, 2023, served as the impetus for the LGBTQ community guidance.
The posted advice further mentioned that the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW">reserve bank of india (RBI) has sent all commercial banks with a clarification on august 21.
The RBI has instructed banks to add a distinct column labeled 'third gender' to all forms and applications in order to facilitate the opening of bank accounts and the utilization of services by individuals who identify as transgender in 2015.
The RBI regulation set off a chain reaction that resulted in several other banks providing transgender-friendly services.
For instance, ESAF Small Finance bank Ltd. introduced the "Rainbow Savings Account" program in 2022, which was intended just for the transgender population. According to news agency PTI, the program had a number of advantages, such as high savings rates and debit card offers.
The RBI has instructed banks to add a distinct column labeled 'third gender' to all forms and applications in order to facilitate the opening of bank accounts and the utilization of services by individuals who identify as transgender in 2015.
The RBI regulation set off a chain reaction that resulted in several other banks providing transgender-friendly services.
For instance, ESAF Small Finance bank Ltd. introduced the "Rainbow Savings Account" program in 2022, which was intended just for the transgender population. According to news agency PTI, the program had a number of advantages, such as high savings rates and debit card offers.