In India, the finance ministry announced that LGBTQIA people will no longer face restrictions when opening joint bank accounts, and will now be allowed to nominate their partners as beneficiaries.
The advisory on this was posted by the Department of Financial Services (DFS) in its Twitter/X account, where it was stated that moving forward, “there are no restrictions for persons of the queer community to open a joint bank account and also to nominate a person in queer relationship as a nominee to receive the balance in the account in the event of death of the account holder.”
Advisory regarding opening joint bank account and nomination thereof by persons of Queer community.#DFS_India pic.twitter.com/rf1ngKsPEa
— DFS (@DFS_India) August 29, 2024
In October 2023, the country’s Supreme Court released a similar ruling in the case of Supriyo@Supriya Chakraborty and another versus Union of India. The Reserve Bank of India (RBI) eventually issued an advisory for all commercial banks on this same issue in August 2024.
