Legal battles

We must open a joint a/c only with people we trust. Otherwise, disputes over spending and withdrawals can arise. They may lead to legal disputes.

Frozen Account 

If one of the joint account holders does an illegal activity or improper payment transaction, the a/c may get frozen. You will not have access to funds in a frozen a/c. Until the matter is resolved, the a/c will remain frozen.

Joint Accounts as Additional Accounts only

• It is advisable to always keep a separate account for personal spending.
• A Joint Account should not be the only bank a/c you have.
• It can be an additional a/c, to be used for investment, repaying loans, sharing expenses, etc.