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Nitishajain

Member
Oct 2, 2018
10
0
1. if I have a joint account in India with my parents (I am the primary holder, father secondary and mother third holder) can I show balance in that account?

2.If yes to above and if the funds in that account are exceeding the limit, say are 30 Lacs, can my father withdraw 10 -15 lacs still maintaining funds to 15 lacs?

3. If the FD in the above account is in my name and has sufficient funds, would that suffice
 
1. if I have a joint account in India with my parents (I am the primary holder, father secondary and mother third holder) can I show balance in that account?

2.If yes to above and if the funds in that account are exceeding the limit, say are 30 Lacs, can my father withdraw 10 -15 lacs still maintaining funds to 15 lacs?

3. If the FD in the above account is in my name and has sufficient funds, would that suffice

1. No, Funds should be in your name,or your spouse name only. They can be held jointly with your spouse but not with your parents/siblings.

3. If FD is solely in your name and is atleast 6 months old, it should be fine.