Joint Bank Accounts Now Possible with Partner as Nominee.
The Union Finance Ministry in India said on Thursday that there will be no restrictions for the LGBTQ community to open a joint bank account in the country. The queer person can now nominate the partner to receive the balance amount in the event of the death of the account holder.
This can be a relief to the whole community that the LGBTQ+ have been collectively fighting for many years to seek attention to their rights on various matters. The recent announcement was made by the Finance Ministry in an advisory which is prompted based on the Supreme Court order passed on October 17 last year, citing the case of Supriyo@Supriya Chakraborty and another vs Union of India.
No restrictions for queer persons to open a joint bank account and nominate their queer partner as nominee of the account: Centre.#LGBTQ pic.twitter.com/BoiJx8h4xK
— Live Law (@LiveLawIndia) August 30, 2024
This announcement further clarifies that the community will have not to deal with issues linked to transactions and joint bank accounts in India. It also mentioned that the Reserve Bank of India (RBI) issued a clarification to all commercial banks to include a separate third-gender column in their application forms. The notice has been sent to all banks on August 21, 2024, as it was already directed in 2015 to extend help transgenders opening a bank account and to avail of any related services.
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Earlier this year, a committee was assigned to review financial procedures to prevent discrimination against LGBTQ individuals widely aiding them to complete bank dealings and to access any services. In 2023, the Chief Justice of India (CJI) directed to ensure public safety and look into the matter if there is any discrimination happening against the queer community on account of their identity. However, this is the first time that the Centre has taken measures to help the queer community, rather many discussions and reviews have granted by the Centre early in April to address the queer community’s issues in all sectors.
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