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.