To,
Date:
The Manager
The Hongkong & Shanghai Banking Corporation Limited, India
Subject: Letter of Mandate on the savings account in my name with
the Bank
Dear Sir/Ma’am,
I Mr./Ms._________________ have applied for opening a savings account/(s) with
the
Bank which has been proposed to be opened by me in relation to an
education loan
availed by me from HDFC Credila. In consideration of the said loan availed by
me from HDFC CREDILA and as required by HDFC CREDILA, I hereby under
my own volition without any duress, irrevocably instruct you as follows for
the savings account ending with suffix ‘006’ proposed to be opened as
hereunder:
Application ID
Pan Number
1. To take this letter as a standing instruction / mandate to place a debit
restriction on the said savings account ending with suffix ‘006’.
2. I hereby authorise HDFC CREDILA (the mandate holder) to instruct
HSBC to release the funds held under the said savings Account and
pay to HDFC CREDILA / or the specified third party as instructed by
HDFC CREDILA, in multiple tranches as requested by HDFC CREDILA
without reference to me or seeking reasons from HDFC CREDILA for the
demand so made at any future dates.
3. To temporarily remove the debit freeze for the release of each tranche
and after release of each tranche the account shall be again placed
under debit restriction.
4. The debit restrictions will continue till such time the account is in Nil
balance and thereafter maybe closed as per instructions provided.
5. I understand that as part of the arrangement to allow HDFC CREDILA to
maintain oversight over the loan disbursed amount they would require
HSBC to share such details with them regarding my account such as
my name as updated in the Bank records, account number, account
status (debit restriction status) and account balance. I agree and
PUBLIC
hereby authorize HSBC to share these details with HDFC CREDILA till
the account continues to exist.
6. I hereby agree and confirm that any statutory/regulatory attachment
will stand in priority to the debit restrictions placed in the account and
the Bank is entitled to act basis the instructions received from such
statutory authority/regulator/law enforcement agency
7. I agree and acknowledge that acting upon the aforesaid instructions
shall be at the sole and absolute discretion of the Bank and will be
subject to the Account terms and conditions as made available on the
HSBC India website www.hsbc.co.in.
8. I hereby agree that HSBC India will hereby act upon instructions
received from HDFC CREDILA and I hereby unconditionally and
irrevocably authorize HSBC India to accept and act upon all or any
such Instructions (E-mail or otherwise) given or deemed to have been
given by HDFC CREDILA in relation to the said savings account.
9. I hereby agree to indemnify and keep HSBC India harmless from all
actions, proceedings, claims, losses, damages, costs and expenses
which may be brought against, suffered or incurred by HSBC India and
which shall arise directly or indirectly out of or in connection with HSBC
India accepting and acting upon Instructions (E-mail or otherwise)
received from HDFC CREDILA in relation to the said savings account.
Thanking you,
Name of the customer
Place
Signature
Mandate holder:
Name of the HDFC CREDILA employee
Place
Signature and Company Seal
PUBLIC
