The Authorization Letter Bank Account is a crucial document in Indian banking operations, designed to facilitate account management when the primary account holder needs to delegate banking authority. This document becomes necessary in various scenarios such as business operations, extended absence of the account holder, or assistance for elderly or disabled account holders. Under Indian banking regulations, particularly the Banking Regulation Act, 1949, and RBI guidelines, this authorization letter must contain specific elements to be legally valid, including clear identification of all parties, precise scope of authority, and duration of authorization. The document serves as a security measure while providing flexibility in account operations, requiring careful consideration of the powers being delegated and compliance with KYC norms.
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1. Date and Place: Current date and location where the letter is being executed
2. Bank Details: Full name and address of the bank branch where the account is held
3. Account Holder Details: Full name, address, and contact information of the primary account holder
4. Account Information: Bank account number, type of account, and other relevant account identifiers
5. Authorized Person Details: Full name, address, contact information, and ID proof details of the person being authorized
6. Scope of Authorization: Specific powers and transactions being authorized, with clear limits and restrictions
7. Duration of Authorization: Time period for which the authorization is valid
8. Declaration: Statement of authority and responsibility by the account holder
9. Signature Block: Space for signatures of account holder, authorized person, and witnesses
1. Reason for Authorization: Explanation of why the authorization is being granted - useful when required by bank or for specific circumstances
2. Transaction Limits: Specific monetary limits for transactions - include when wanting to set clear financial boundaries
3. Special Instructions: Any specific conditions or instructions for the bank - include when there are unique requirements
4. Emergency Contact: Alternative contact information - useful for long-term authorizations or when account holder may be unreachable
5. Revocation Clause: Terms for revoking the authorization - important for long-term authorizations
1. ID Proof Documents: Copies of identity documents of both account holder and authorized person
2. Specimen Signature: Specimen signatures of the authorized person
3. Bank Account Statement: Recent bank account statement or proof of account ownership
4. Relationship Proof: Documents proving relationship between account holder and authorized person (if required by bank)
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Corporate Services
Retail
Healthcare
Education
Manufacturing
Real Estate
Non-Profit Organizations
Professional Services
Government and Public Sector
Small and Medium Enterprises
Relevant Teams
Finance
Legal
Compliance
Administration
Operations
Treasury
Risk Management
Corporate Secretarial
Human Resources
Relevant Roles
Finance Manager
Account Officer
Business Owner
Company Secretary
Compliance Officer
Legal Counsel
Banking Relationship Manager
Treasury Manager
Chief Financial Officer
Administrative Officer
Human Resources Manager
Operations Manager
Risk Manager
Branch Manager
Financial Controller
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