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 one family. Is possible that only only 1 or 2 member request the bank to debit freeze account?
The joint account is misused by conducting unauthorized withdrawal, with no accountability and transfer of funds to another single accoun that is held tby 2 members out of 7 .
Rest 5 members of the family are unaware of it.
For Example the rent income and other proceeds of Mutual funds belonging/pertaining to say 1st member is deposited/received in the joint account but it is siphoned out by the 6th member and 7th member without any knowledge to the actual beneficiary (say members 1 to 5)
Cheque Books for the account and other documents for the joint acc*nts are held by 6th and 7th members who are carrying out this unauthorized transacations.2
2 memberse appraoched and Requested Bank but they are not cooperating by giving the following reasons:
Quote
"The account Mode of operation is with survivorship clause, we cannot block account on instructions of one of the holders."
Unquote
Is there any regulation or rule that is available issued by Reserve Bank of India allowing debit freeze that we can present to bank for achieving the goal of getting the debit freeze.
If we are successful in having the acc*nt/s debit freeze then those 2 members cannot withdraw/transfer funds and also they will not deposit the instruments which will become null and void after 3 months.
Any solution to this matter?
Thank you for your help.
Milcheal
