Legal Question in Banking Law in India

can one of either or survivor account holder stop other from operating the account ?


Asked on 6/14/10, 7:22 am

2 Answers from Attorneys
J. Radhakrishnan independent Practice

The answer is no. But bankers use to be cautious and stop payment if any one of the depositors even in either or survivor withdraws the mandate. Technically, it requires the mandate of all joint depositors to revoke the either or survivor mandate.

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Answered on 6/14/10, 7:39 am
Pravin Vaidya Independent

I beg to differ. Either or survivor mandate operates only till either party does not withdraw. Once joint mandate given is withdrawn by either party operations in the account have to be stoped till dispute is not settled

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Answered on 6/14/10, 9:11 pm


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