Is nomination allowed in the case of NRI accounts?
Yes, the nominees can be residents or non-residents. In case, however, the Non-resident nominee becomes the holder of the account on the death of the original holder, the funds, lying in the accounts, can be remitted to the non-resident nominees, only in the case of NRE/FCNR accounts, after following the procedure prescribed by the RBI. In the case of NRO, the non-resident nominee will not be eligible for remittance outside India of the balances, standing to the credit of these accounts. These balances can be credited to the NRO account of the non-resident nominee. If the nominee is a Resident, no repatriation of funds is allowed on the death of the Non Resident Account Holder.
