The Ministry of Finance has issued a clarification regarding the rights of the Queer community in opening joint bank accounts and designating nominees.
In connection with a recent judgment by the Supreme Court of India on October 17, 2023, in the case of Supriya Chakraborty and another Vs. Union of India (Writ Petition Civil No. 1011/2022), the Ministry affirmed in an advisory that there are no restrictions for individuals of the Queer community to open joint bank accounts. Furthermore, they can nominate a partner in a queer relationship as a nominee to receive the account balance in the event of the account holder's death.
The statement also mentioned it is in line with a directive issued by the Reserve Bank of India (RBI) to all Scheduled Commercial Banks on August 21, 2024.
This ensures that banking practices align with the Supreme Court's ruling and support inclusivity and equality in financial services.