Power of attorney to operate bank accounts

Querist : Anonymous (Querist) 31 July 2023 This query is : Resolved
I am 90 years old. I have bank accounts and demat accounts. In due course when I become weaker I may not be physically able to operate my accounts. Hence I have executed a general power of attorney in favour of my son. Recently I asked my son to go to the bank and ask them how to use the power of attorney to operate my accounts. The bank staff know nothing. They suggest such non-sense as to include my son in my account as a joint account holder to operate the account on either or survivor basis.
I request the advice of knowledgeable experts. Please do not guess.

Follow Query

Report Abuse

kavksatyanarayana (Expert) 31 July 2023
A person can give another person a complete general right or power to act lawfully, with respect to his property or bank accounts, tax payments, or registration work to sue a third party etc.

T. Kalaiselvan, Advocate (Expert) 02 August 2023
Your apprehension or presumption about the bank's advise is incorrect.
You should understand the fact that the power of attorney you propose to give it to your son shall be valid only till your lifetime and not beyond that.
However the either or survivor or the joint account would remain in force even after your lifetime, therefore do not misunderstand or misinterpret the law and invite trouble for yourself

Querist : Anonymous (Querist) 05 August 2023
My question is how to go about and register the POA with the bank so that the attorney holder can operate the bank account. My question is not answered.

kavksatyanarayana (Expert) 05 August 2023
If you have registered the POA at SRO, they shall accept it. The Bank objection is not correct. After registration of POA, if the bank is still objecting you complain to OBDUSMAN.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Ask Query
Unanswered Queries

Power of attorney to operate bank accounts

Download LCI APP

Our Network Sites