2024-08-31 13:42:28
New Delhi: The government has clarified the situation on joint bank account and nomination for gay couples. The Finance Ministry on Thursday clarified that people of the LGBTQ+ community can also open a joint bank account. Not only this, they also have the full right to make their partner a nominee. This advice has been issued after the Supreme Court’s decision on October 17, 2023.
What decision did the Supreme Court give?
The Supreme Court had given this verdict in the case of Supriya Chakraborty vs Government of India (Writ Petition No. 1011/2022). The Department of Financial Services, under the Ministry of Finance, said in an advisory, ‘It is clarified that there is no restriction on people of the LGBTQ+ community to open a joint bank account and make a person in their relationship as a nominee.’ The nominee can receive the balance of the account in the event of the death of the account holder.
The department also shared information about this on Twitter.
RBI has also clarified the situation
The Reserve Bank of India (RBI) also issued a clarification in this regard to all scheduled commercial banks on August 21, 2024. This move is being considered an important step towards strengthening the rights of the LGBTQ+ community. Joint bank account and nomination for gay couples is a topic that has emerged rapidly with legal and social changes in India. Many questions have been raised on this subject. The situation is expected to improve to a great extent with the decision of the Supreme Court.
Gay marriage is not yet legal in India, but the Supreme Court has decriminalised homosexuality. Hence, gay couples can also open a joint bank account and nominate each other.