The Power of Attorney is a legally binding document that grants an individual, known as the Constituted Attorney, the authority to manage and operate a bank account on behalf of the Grantor. In this comprehensive guide, we provide a detailed format for a Bank Account Power of Attorney and explore the authorization process. This document is essential for individuals and companies seeking to delegate financial responsibilities while ensuring compliance with regulatory and legal requirements. Whether you’re a company director or an individual account holder, understanding the nuances of this document is crucial for smooth account management and financial transactions. We will walk you through the key components of a Bank Account Power of Attorney, ensuring you have a clear understanding of its implications and the rights and responsibilities of all parties involved.
Format of Power Of Attorney – Bank Account Operate Access
Date:
POWER OF ATTORNEY
This Power of Attorney granted on this, the 18th Day of September 2023 at Address…..
By (Grantor/POA Holder)
Name…. Directors & Authorized Signatories of Company Name…… Register Office at Address….
In Favor of (Grantee/Constituted Attorney)
Name…. Residing at Address….
WHEREAS
The Grantor(s) maintain the Account with The …….Bank, Branch….., having account number …….in the name of ………Company Name
For the purpose of managing and operating the said Account, the Grantor is desirous of appointing the Grantee as their true and lawful Attorney in the manner hereinafter appearing.
NOW KNOW ALL AND THESE PRESENTS WITNESSETH THAT WE, the said Grantors each of us both hereby nominate, constitute and appoint Name….(hereinafter called the ‘Constituted Attorney’) as our true and lawful Attorney for us and on our behalf to do all or any of the following acts, deeds, matters and things and to exercise all or any of the powers and authorities hereby conferred, that is to say:
- To operate the existing Accounts (hereinabove mentioned) in our name, and to do all such acts which are incidental to operation of the said Accounts, including, to sign and endorse all cheques, drafts, slips, bills of exchange, receipts, electronic transfers, negotiable instruments and dividend warrants drawn in the name of the Grantor and to be deposited into the said Account and to receive payments in respect of the same, accept and receive money orders and telegraphic transfer/NEFT transfer/RTGS transfer of moneys in our names for the benefit of and/or relating to the said Account and for the said purpose to execute the necessary deeds, documents or transfer deeds of forms.
- To certify the correctness of the entries/records/statements in relation to the said Accounts.
- To apply to the Reserve Bank of India and/or any other authority, Governmental, regulatory, administrative, judicial or otherwise, for the operation of the said Account and dealing with the moneys lying to the credit of the said Account and for the purpose to execute any deed, document, writing or application and to do all acts and things required and may be deemed necessary.
- To enter into, make, sign, seal execute, deliver, acknowledge and perform any contract, agreement, deed writing or thing that may in the opinion of our said Attorney be necessary or proper to be entered into, made, signed, sealed, executed, delivered, acknowledged or performed for effectuating the purposes aforesaid or any of them and for all or any of the purposes of these presents to use our name.
- All communications/instruments/documents/deeds or otherwise to be signed by the Attorney on our behalf, in exercise of the powers granted by this Power of Attorney, shall signed after mentioning ‘POA Holder’ or ‘Constituted Attorney’ of the Accountholder. The Bank may, at its discretion, accept or reject such communications/instruments/documents/deeds as the case may be, where the Attorney has not signed mentioning ‘POA Holder’ or ‘Constituted Attorney”.
- The Attorney shall, while acting under this Power of Attorney, exercise his powers herein in accordance with and in compliance of the laws, rules and regulations as may for time to time be prescribed by the Government of India acting through the Reserve Bank of India or any other statutory or regulatory authority.
- Any operation of the said Account by the Attorney, including instructions of any nature involving the debit of our account or any actions as hereinabove mentioned, will be binding on us.
- The Bank is entitled to rely upon any instructions/directions given by the Attorney in relation to the said Account, including any payment/withdrawal instructions, and is requested to act on the said instructions received from the Attorney.
- This Power of Attorney shall continue to be in force until it is revoked by us by prior notice in writing to the Bank. We declare that the Bank will be discharged from all the liabilities arising out of acting on the strength of this Power of Attorney till a notice of such revocations is received by the Bank. This Power of Attorney, if not revoked in our lifetime, shall be binding upon our estate/legal representatives/successors until the written notice of our death is received by the Bank.
EXECUTANT
For Company Name
Director
Name of Director
ATTORNEY HOLDER
For Company Name
Director
Name of Director
“I hereby accept all the powers.”
Constituted Attorney
Name…..
WITNESSES:
Name:
Address:
Name:
Address:
Author Bio
I have referred this website many times before for various purposes and the recent being for drafting a GPA. I must say that it is extremely helpful for all and especially for a non-professional and senior citizen like me. Appreciate the fact that someone is putting out this information for free. Thank you very much.