24 September 2018
Procedure and possibility to debit freeze joint savings account
Kindly guide me as to how to debit freeze joint savings account.
It is joint account with 7 members of a family and can only 1 member request the bank to debit freeze account?
The joint account is misused with unauthorized withdrawal and transfers to other single account with no accountability by 2 members out of 7 and the rest 5 are unaware of it. The funds belongs to say 1st member but siphoned out by the 6th member and 7th member.
Requested Bank but not cooperating stating
"The account Mode of operation is with survivorship clause, we cannot block account on instructions of one of the holders."
Is there any regulation or rule available issued by Reserve Bank of India which can be presented to bank for getting the debit freeze.
25 September 2018
Respected Shri P. Venu Greetings The main issue is that 2 person are out of 7 are holding cheque books and depositing the cheques and other instruments in various joints accounts and without knowledge of the 5 the 2 persons (husband and wife) are withdrawing cash and also transferring to their own personal account there by those 5 in whose names the instruments are received are deprived of their right on the money.
If there is any possible to debit freeze the account then those 2 cannot withdraw or transfer any funds.