LGBTQIA+ Couples Gain Financial Equality: Joint Bank Accounts and Nominee Rights Approved
In a significant move towards financial inclusivity, the Central government has confirmed that LGBTQIA+ individuals can open joint bank accounts and designate their partners as nominees. The Ministry of Finance issued an advisory on August 28, clarifying that there are no restrictions preventing members of the LGBTQIA+ community from accessing these banking privileges.
This clarification aligns with the Supreme Court’s observations in the landmark case of *Supriyo @ Supriya Chakraborty & Anr v. Union of India* concerning same-sex marriage. Although the Supreme Court, by a 3:2 majority, did not legalize same-sex marriage, it acknowledged the government’s commitment to recognizing certain rights for queer couples. The Solicitor General had assured the Court that the Central government would establish a Committee, led by the Cabinet Secretary, to define the rights and entitlements of LGBTQIA+ couples.
One of the Court’s directives to this Committee was to ensure that partners in queer relationships could open joint bank accounts and name each other as nominees. In response, the Ministry of Finance’s advisory, supported by a similar clarification from the Reserve Bank of India issued on August 21 to all Scheduled Commercial Banks, confirms these entitlements.
The advisory specifically states that, following the Supreme Court’s judgment on October 17, 2023, there are no legal barriers for queer individuals to open joint accounts or nominate their partners to inherit the account balance upon their death. This step marks an important acknowledgment of the financial rights of LGBTQIA+ couples in India.
(With inputs from agency)
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