LGBTQ+ Joint Bank Accounts: The Finance Ministry has clarified that individuals from the LGBTQ community face no restrictions when it comes to opening joint bank accounts or appointing a partner in a queer relationship as a nominee. The announcement, made on Wednesday, was in response to concerns raised following the Supreme Court’s October 2023 order on the legal recognition of same-sex marriages.
In its ruling, the Supreme Court declined to legalize same-sex marriages but emphasized that both Union and state governments must ensure that queer individuals are not discriminated against due to their identity. The Department of Financial Services echoed this sentiment in an advisory posted on social media, stating, “There are no restrictions for persons of the queer community to open a joint bank account and also to nominate a person in the queer relationship as a nominee to receive the balance in the account, in the event of death of the account holder.”
Following the 2015 order, several banks launched services catering to transgender.
The Reserve Bank of India (RBI) reinforced this stance by issuing a clarification to banks on August 21, instructing them to comply with these guidelines.
In April, the government formed a six-member committee led by the cabinet secretary to address issues faced by the queer community, including ensuring equal access to services and protecting them from discrimination, coercion, and harassment.