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Create a Power of Attorney — Banking
What this document does
A power of attorney authorising someone to operate named bank accounts on the grantor's behalf — sign cheques, deposit and withdraw, place deposits, obtain statements. The powers to close an account, borrow against it, change the nomination or alter who may operate it are expressly withheld. Note that most banks insist on their own mandate form as well as, or instead of, a general instrument.
The attorney
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Power of Attorney — Banking
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What else is in it — 6 clauses
- 01
Who grants the authority, and to whom
The head of the deed: the place and date, the grantor, and the person being authorised. The attorney is named here rather than being taken from the party picker — a power of attorney is executed by the grantor alone, and a person who signs nothing is not a party to it.
- 02
The attorney
Who is being authorised, identified well enough that a bank, a society or a government office can be satisfied it is them. Their specimen signature is recorded here because that is what counterparties ask for — it is not a signature Dharaa collects, and the attorney does not execute this deed.
- 03
The accounts
Which accounts the authority relates to, identified by bank, branch and number. Named rather than described generally: a bank will act only on an instrument that identifies the account it is being asked to act on, and an authority over "my accounts" is one no branch will accept.
- 04
What the attorney may do
The powers granted, chosen by the grantor. Each is a separate thing the attorney may do in the grantor's name, and only what is selected is granted — a power of attorney is read strictly against the person relying on it.
- 05
What the attorney may not do
The powers withheld — closing the account, borrowing against it, changing the nomination, and altering who else may operate it. Mandatory and fixed: those four are what turn access into control, and a banking authority that does not withhold them is one an attorney can use to empty and close the account.
- 06
How long it lasts, and how it ends
When the authority begins, when it ends, and that the grantor may revoke it. Every power of attorney needs this: one that says nothing about its own end is one nobody can be sure has ended.
After it is drafted
Get the stamp paper
Buy non-judicial stamp paper of the value your state prescribes, and print the document on it.
Sign it before a notary, with your witnesses watching
One occasion, not two. Take the printed deed and your identity document to a notary or other authorised officer, and sign it in their presence — a signature applied beforehand is not what the attestation records. Your two witnesses must watch you sign and then sign the deed themselves, at the same time. The officer completes the attestation block at the end of the deed.
Get it apostilled, or attested at an Indian mission
Where the country you are signing in is party to the Hague Apostille Convention, an apostille is accepted in India without further legalisation. Where it is not, execute the deed before an Indian Embassy or Consulate and have it attested there.
Deal with it within three months of it reaching India
An instrument executed outside India has three months from the date it first arrives here to be dealt with under the Stamp Act. Miss that window and it is inadmissible in evidence, and a sub-registrar will not act on it. Where the duty payable is not obvious, the Collector can adjudicate the instrument and certify it.
Send the executed deed to your attorney
Take the original to the branch. The bank will want to see it, will usually keep a certified copy, and will very likely ask for its own mandate form to be completed as well.