New Delhi, Aug. 20 -- Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) looking to park their foreign currency savings in India may consider opening a Foreign Currency Non-Resident Bank or FCNR(B) deposit. However, NRIs may also want to add a close family member living in India as a joint holder for easier management of the account. The key question, therefore, is whether an FCNR(B) account can be opened jointly with a resident Indian relative.

According to information available on the State Bank of India (SBI) website, NRIs are permitted to open and maintain FCNR(B) accounts jointly with eligible resident relatives, subject to certain conditions.

The most important condition relates to the mode of operation. An NRI can ...