In a recent advisory put out by the Finance Ministry, even members of the LGBTQ+ community can open joint bank accounts and nominate someone in a queer relationship as nominee. This after the Supreme Court in October 2023, had ruled that same-sex relationships were legal everywhere across India.
The advice underlines that, in case of the account holder’s death also there are no constraints on LGBTQ+ people to open shared bank accounts or nominate a particular person from their queer partnership for collecting the stability inside their accounts. Similar instructions have also been issued by the Reserve Bank of India (RBI) for all scheduled commercial banks.
This is an important landmark in financial inclusion for the LGBTQ+ Community of India. It gives them the same financial rights as it does for heterosexual couples.
However, the verdict and actions of the government opened the gates for more acceptability and rights for LGBTQs in India. This is just further advice on that.
The case of a joint bank account for LGBTQ+ came into the limelight after the Supreme Court judgment in October 2023. This gave the LGBTQ+ community equal status by making it legal in India. After this order, the Ministry of Finance and RBI issued a notification permitting LGBTQ+ persons to open joint bank accounts as well as nominate their queer partners.
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