Ownership Rights
- Equal rights unless specified.
- Survivorship clause applies.
- All holders treated as co-owners.
- Mandates clear mandate forms.
- Prevents disputes in succession.
Operational Authority
- “Either or survivor” operation allowed.
- Joint signatures may be required.
- Limits withdrawals as per mandate.
- Each holder can be authorized.
- Changes need all consents.
Liability Rules
- Joint liability for overdrafts.
- Recovery allowed from any holder.
- Debt binding on all account holders.
- Liability continues after death.
- Covers both deposits and loans.
Nomination Provisions
- Separate from joint ownership.
- Nominee rights arise post-death.
- Requires legal heir recognition.
- Clear succession defined.
- Prevents inheritance disputes.
Consumer Protection
- Transparent documentation required.
- Banks liable for wrongful denial.
- Ombudsman complaints allowed.
- Clear grievance redressal system.
- Protection from mismanagement.
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