The Authorization Letter For Withdrawal Of Savings is a critical banking document used in Pakistan when an account holder needs to delegate the authority to withdraw funds from their savings account to another person. This delegation might be necessary due to various circumstances such as travel, illness, physical inability to visit the bank, or business commitments. The document is governed by Pakistani banking laws and regulations, including the Banking Companies Ordinance, 1962, and State Bank of Pakistan guidelines. It must contain specific details about all parties involved, clear authorization parameters, and withdrawal limitations if any. The letter serves as a legal instrument that protects both the account holder's interests and the bank's liability while facilitating necessary financial transactions through an authorized representative.
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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 maintained
3. Account Holder Information: Complete details of the account holder including full name, address, and contact information
4. Account Details: Savings account number and type of account
5. Authorized Person Details: Complete information about the person being authorized, including full name, ID number, address, and contact details
6. Authorization Statement: Clear statement of the powers being granted for withdrawal of savings
7. Transaction Limits: Specific limits on withdrawal amounts, if any
8. Duration of Authority: Validity period of the authorization
9. Signature Block: Space for signatures of the account holder, authorized person, and witnesses
1. Joint Account Holder Details: Required when the savings account is jointly held, including details and consent of all joint holders
2. Special Instructions: Any specific conditions or restrictions on the authorization
3. International Transaction Clause: Required when authorization includes international banking transactions
4. Emergency Contact: Alternative contact information in case of urgent matters
5. Revocation Clause: Specific conditions under which the authorization may be revoked
1. Identity Documents: Copies of valid ID documents of both account holder and authorized person
2. Specimen Signature Card: Card containing specimen signatures of both parties
3. Proof of Address: Recent utility bills or other address proof documents
4. Bank Account Statement: Recent statement showing the account details and status
5. Passport-sized Photographs: Recent photographs of both account holder and authorized person
Relevant legal definitions
Clauses
Authorization Grant
Scope of Authority
Duration
Identity Verification
Transaction Limits
Security Measures
Representations and Warranties
Revocation Rights
Bank's Rights and Obligations
Indemnification
Force Majeure
Witness Requirements
Governing Law
Specimen Signatures
Joint Account Provisions
Notice Requirements
Document Validity
Compliance with Banking Regulations
Scope of Authority
Duration
Identity Verification
Transaction Limits
Security Measures
Representations and Warranties
Revocation Rights
Bank's Rights and Obligations
Indemnification
Force Majeure
Witness Requirements
Governing Law
Specimen Signatures
Joint Account Provisions
Notice Requirements
Document Validity
Compliance with Banking Regulations
Relevant Industries
Banking
Financial Services
Legal Services
Professional Services
Wealth Management
Personal Banking
Corporate Banking
Financial Technology
Relevant Teams
Legal
Compliance
Customer Service
Operations
Document Processing
Account Services
Branch Operations
Risk Management
Verification
Relevant Roles
Bank Manager
Branch Operations Manager
Compliance Officer
Legal Counsel
Banking Officer
Customer Service Representative
Account Manager
Relationship Manager
Document Verification Officer
Financial Advisor
Personal Banking Officer
Wealth Management Advisor
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