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Hi, I am a foreign citizen. My mother has funds in a fixed deposit account in a local Indian bank. She wants to add my name as a secondary holder under the "Either or Survivor" option. Can she add my name even though I am a foreign national and have applied for an OCI card? After her death, will I be the sole owner of the funds, or can my siblings claim their share in court? If my siblings can claim, should we change the mode of operation, or should she create a new fixed deposit only in my name? Please advise the best way to ensure no one else can legally claim the funds.
Yes, your mother can add your name as a joint holder even if you are a foreign citizen with OCI status. But after her death, siblings can still legally claim their share, since nomination doesn’t override inheritance rights. For better protection, she should make a registered will stating you are the sole beneficiary of that FD. For further legal assistance contact us son our helpline number.