The Authorization Letter For Withdrawal is a crucial banking instrument commonly used in India when account holders need to delegate their withdrawal rights to another person. This document becomes necessary in various situations, such as when account holders are unable to personally visit the bank due to illness, travel, or other commitments. It must conform to Indian banking regulations, particularly the Banking Regulation Act, 1949, and RBI guidelines. The letter typically includes comprehensive details about the account holder, the authorized person, specific withdrawal limits, validity period, and any special conditions. Banks in India generally require this authorization to be properly witnessed and accompanied by necessary identification documents to prevent fraudulent transactions and ensure compliance with anti-money laundering regulations.
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1. Date and Place: Current date and place of execution of the letter
2. Bank Details: Complete name and address of the bank branch where the account is held
3. Account Holder Details: Full name, address, and contact information of the account holder
4. Authorized Person Details: Full name, address, and identification details of the person being authorized to make the withdrawal
5. Account Information: Bank account number and type of account
6. Authorization Statement: Clear statement of authorization including the scope and purpose of the authorization
7. Transaction Details: Specific amount authorized for withdrawal or maximum limit if applicable
8. Validity Period: Duration for which the authorization is valid
9. Signature Block: Space for account holder's signature and witness signatures if required
1. Special Instructions: Any specific instructions or conditions for the withdrawal, used when there are particular requirements
2. Joint Account Declaration: Additional section required when the account is jointly held, including consent from all account holders
3. Purpose Statement: Statement explaining the reason for authorization, used when required by bank policy or for large transactions
4. Emergency Contact: Alternative contact information in case of issues, recommended for long-term authorizations
5. Revocation Clause: Terms under which the authorization can be revoked, recommended for long-term authorizations
1. Identity Proof: Copies of valid ID documents of both account holder and authorized person
2. Specimen Signature: Specimen signature of the authorized person
3. Passport Photos: Recent passport-sized photographs of the authorized person if required by the bank
4. Relationship Proof: Documents proving relationship between account holder and authorized person, if required
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