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I am a Canadian citizen, and my mother is an Indian citizen. She has funds in a domestic fixed deposit account. Please guide: As per FEMA law, can she add me as a joint holder under "either or survivor" in her local domestic fixed deposit account, or is it restricted since I am a Canadian citizen and eligible only for NRO/NRE/FCNR accounts? If she adds my name, will I become the sole owner of the funds after her death, or will my siblings also have a share?
As per FEMA rules, NRIs (including Canadian citizens) cannot be added as joint holders in a resident savings or FD account unless it’s on “former or survivor” basis. If your name is added, your siblings can still claim their share after your mother’s death unless she clearly names you sole beneficiary in her will. For further legal assistance contact us on our helpline number.