Kagaznama

Power of Attorney for Bank

At a glance

Price: Free
Stamp duty: Chargeable under Article 48 "Power of Attorney" of Schedule 1-A to the Indian Stamp Act, 1899 as applicable to Punjab (and as extended to the Union Territory of Chandigarh).
Registration: Not required merely to operate a bank account — this Power creates no interest in immovable property, so s.17 of the Registration Act, 1908 does not reach it, and banks do not generally require registration for ordinary account operation.
Witnesses: Two witnesses, adults, are asked for below as ordinary good practice and because most bank branches expect a power of attorney to be witnessed.

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Also called

Bank Power of Attorney
POA for Bank Account Operation
NRI Bank Power of Attorney
Authorisation to Operate Bank Account
Banking Mukhtiarnama
Bank Khata Mukhtiarnama
Power of Attorney for Loan
Account Operation Power of Attorney

When you need it

You want someone else to operate your bank account, fixed deposit or loan account in Punjab or Chandigarh on your behalf — a common need for an NRI who cannot visit the branch, an elderly account holder, or anyone who wants a spouse, child or associate to handle routine banking while they are away. This Power is scoped narrowly to banking operations at the account(s) you name, not to your property or other affairs generally.

This is an ordinary power of attorney, revocable by you at any time under s.203 of the Indian Contract Act, 1872, and it ends on your death under s.201 of that Act, whatever it says about its own duration — it is not, and does not try to be, the kind of "coupled with interest" power that survives those events; see the Irrevocable Power of Attorney if that is genuinely what you need, which it rarely is for a family member operating your account. Most banks accept a power of attorney in a form like this alongside their own KYC process for the Attorney, but many banks also have their own printed or digital POA format they prefer or insist on. Check with the specific branch before relying on this document alone, particularly if the power is for executing loan or security documents rather than everyday account operation. Not for authorising someone to sell or mortgage your immovable property generally — see the General Power of Attorney or, where the Attorney has a genuine interest of their own, the Irrevocable Power of Attorney; use this document only for banking.

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You can fill this one in on this site, and read the whole draft on screen before you decide anything about it. It is a carefully drafted template; it is not advice about your own facts.

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See stamp duty, registration and witnesses

What follows is written for Punjab and Chandigarh. It states the position there rather than describing how it varies, so the amounts below are the ones that apply — worth confirming at the sub-registrar’s office, because rates change. If the property is anywhere else in India, none of this is yours.

Stamp duty

Chargeable under Article 48 "Power of Attorney" of Schedule 1-A to the Indian Stamp Act, 1899 as applicable to Punjab (and as extended to the Union Territory of Chandigarh). A power confined to banking operations, as this one is, does not authorise sale of immovable property and so does not attract the conveyance-level ad valorem duty that a property-sale power can attract — it is chargeable at the lower fixed or slab-based rate Article 48 sets for a power of that kind. Confirm the current figure at an e-stamp vendor (SHCIL) or the Sub-Registrar's counter before buying stamp paper, since this document does not print one. If the powers you have selected include executing loan security documents that themselves create a registered mortgage, ask at that counter whether that changes the applicable sub-clause.

Registration

Not required merely to operate a bank account — this Power creates no interest in immovable property, so s.17 of the Registration Act, 1908 does not reach it, and banks do not generally require registration for ordinary account operation. If the powers you have selected include executing a registered mortgage or presenting any document for registration on your behalf, s.33 of that Act requires this Power itself to be registered or authenticated before it can be used for that purpose — see the Irrevocable Power of Attorney's registration note for how that works, and treat that requirement as applying here too if you have selected the loan/security option below.

Notarisation

Have this Power notarised before an Oath Commissioner or Notary Public in Punjab or Chandigarh — this is what most bank branches expect as a minimum before acting on a power of attorney. If the Principal is outside India, the Power needs consular attestation at the Indian Embassy or Consulate (or an apostille, where the destination country is a Hague Apostille Convention member) before an Indian bank will accept it; check the specific bank's current requirement, since some ask for the original attested copy to be couriered and lodged with the branch before the Attorney's first transaction.

Witnesses

Two witnesses, adults, are asked for below as ordinary good practice and because most bank branches expect a power of attorney to be witnessed. This is separate from the bank's own KYC verification of the Attorney, which the witnesses do not substitute for.

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POWER OF ATTORNEY FOR BANK

I, Amarjit Kaur Sandhu, son/daughter/wife of Late Sh. Gurdial Singh Sandhu, residing at House No. 811, Sector 8, Chandigarh 160009, PAN AGGPS4321D (the "Principal"), the holder of the account(s) described below, do hereby appoint, constitute and nominate:

Jaspreet Singh Sandhu, son/daughter/wife of Amarjit Kaur Sandhu, of House No. 811, Sector 8, Chandigarh 160009, PAN X (the "Attorney"),

to be my true and lawful attorney, in my name and on my behalf, solely for the banking purposes described below, upon the terms of this Power.

1. THE BANK AND THE ACCOUNT(S)

1.1 This Power relates to the account(s) held by the Principal with Punjab National Bank, Sector 17-B, Chandigarh 160017 (the "Bank"), being: Savings Account No. 0123456789012; Fixed Deposit No. FD9988776655.

1.2 The Attorney has no authority under this Power over any account, deposit or facility of the Principal not named above, or held with any bank other than the Bank named above.

2. POWERS GRANTED

2.1 The Attorney may operate the account(s) named above in every respect, including depositing and withdrawing funds, signing cheques, applying for and collecting chequebooks, debit cards and statements, and closing the account(s) or opening or closing a fixed or recurring deposit linked to them.

2.2 Additional instructions and restrictions: Limited to closing Fixed Deposit No. FD9988776655 and remitting the proceeds to Savings Account No. 0123456789012 held in the Principal’s own name.. Where these conflict with clause 2.1, this clause 2.2 prevails.

2.3 The Attorney shall not withdraw or transfer more than ₹2,00,000 (Rupees Two Lakh only) in any single transaction under this Power, in addition to any limit the Bank itself applies.

3. THE BANK'S OWN REQUIREMENTS

3.1 This Power does not itself satisfy the Bank's know-your-customer requirements for the Attorney; the Attorney shall separately complete whatever identification and verification the Bank requires before operating the account(s).

3.2 Where the Bank's own printed or digital power of attorney format differs from this document, the Principal shall, if the Bank insists, execute the Bank's own format in addition to or instead of this Power, without that affecting the validity of this Power for any purpose outside that Bank's internal requirement.

4. NOT IRREVOCABLE

4.1 This is an ordinary power of attorney. It is revocable by the Principal at any time by written notice to the Attorney and to the Bank, under s.203 of the Indian Contract Act, 1872, and it terminates automatically on the Principal's death, under s.201 of that Act, whatever clause 5 below says about its stated duration. It is not granted as a power coupled with interest and no term of this Power should be read as attempting to make it one.

Questions about this document

Does the Power of Attorney for Bank need stamp paper or stamp duty in Punjab and Chandigarh?

Chargeable under Article 48 "Power of Attorney" of Schedule 1-A to the Indian Stamp Act, 1899 as applicable to Punjab (and as extended to the Union Territory of Chandigarh).

See the full position on stamp duty, registration and witnesses

Does the Power of Attorney for Bank need registration in Punjab and Chandigarh?

See the full position on stamp duty, registration and witnesses

What does the Power of Attorney for Bank cost on Kagaznama?

Free.

Documents are free. Only kits are paid.

Does the Power of Attorney for Bank need witnesses?

Two witnesses, adults, are asked for below as ordinary good practice and because most bank branches expect a power of attorney to be witnessed.

See the full position on stamp duty, registration and witnesses

Often needed with this document

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