I have a savings account, in State Bank of Hyderabad, now SBI,in the name of my brother and myself in either or survivor. Since this is a very old account and my brother lives in US, this account needs to be closed but the problem is that my bother who is an NRI does not have a Aadhaar card and any address proof whereas I am concerned I have done my KYC in this account. Now the bank is saying that I can neither request for a cheque book nor withdraw money from this account.Is this justified or can I withdraw the funds and apply for the closure of this account.?
1 Answers
Hi,
As this joint account can be operated on 'either or survivor' basis, I believe that you can withdraw funds, but to close the account, both of you have to sign the A/c closure application.
Also, as per the RBI notification, an NRI can have a resident joint savings account with any close relative.
Kindly go through this RBI notification.
You may request your banker to provide information as to on what basis are they denying you from operating the account.
Please login or Register to submit your answer