Can a Broker withdraw money from my linked bank account using the Power of Attorney I gave?

asked Mon, May 28, 2018 12:00 AM

No, the Power of Attorney given to brokers is for limited demat account related transactions. It can only be used for withdrawing the shares and when you pledge the shares for margin against share facility.

POA has nothing to do with your trading account or bank account.

Get more detail about Demat PoA:

Power of Attorney for Demat Account - Explained with Examples and FAQs
How do I safeguard my Demat Account with Power of Attorney to Broker?
Are there different types of Power of Attorney?
What is the validity of my Power of Attorney for demat account?
Are there any charges associated with Demat Power of Attorney?
Does broker allows time bound Power of Attorney for Demat Account?
Should Power of Attorney be printed on the Stamp Paper?
Can I sign Power of Attorney online?
Can a Broker misuse the Power of Attorney?
Can a Broker withdraw money from my linked bank account using the Power of Attorney I gave?
Can I use Broker Pool Demat Account to keep my share and do not give Power of Attorney?
Can I trade in Futures and Options without Power of Attorney to my Demat account?
My signed Power of Attorney is still in courier. Can I still trade?

answered Thu, Oct 21, 2021 12:00 AM

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Can a Broker withdraw money from my linked bank account using the Power of Attorney I gave?

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