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

asked Monday, May 28, 2018

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 Thursday, October 21, 2021

1 Comments

1. Abhishek

| Link|March 16, 2020 10:55:20 AMReply

Hello,
What if we give PoA on stamp paper rather than plain paper what are the cons as compared to plain paper.

List of all questions Ask your question

More Demat Account Questions...

Is it mandatory to have a demat account to apply in an IPO?
How do I transfer from one demat account to another demat account?
I do not have a demat account. Can I apply in an IPO?
How much interest do I get on demat account?
What are the maintenance changes for a demat account? Are there any hidden charges or processing fees on the transactions I do on demat account?
Do I have to pay yearly maintenance changes even I do not hold any shares in my demat account?
Can a person have more than one demat account on his name?
Can a Demat account opened for a minor?
What is the diffrence between Demat account number and Trading account number ?
What is CDSL and NSDL ?
Can a minor open trading Demat account?
What is a depository?
Who is Depository Participant (DP)?
What is dematerialisation Process?
Why should I hold shares in demat account and is it compulsory for every investor to open a demat account to trade in the stock market?
How many demat accounts I can open?
Is there nomination facility in demat account ?
Do I have to contact all companies for any update in my personal details ?
I am not a frequent trader on stock exchange. What should I do with transaction statement ?
What kind of help can I get If I have problem with my NSDL demat account?
Can I take a loan on my demat holdings?
How much do I pay for my demat account?
What are the value added facilities on my demat account ?
What precautions should i take to prevent misuse of securities lying in my account ?
Can I open more than one demat account with only one DP in identical names?
Can a demat account be opened with four holder's names?
What is the Standing Instruction given in the demat account opening form?
Can someone else operate my demat account on my behalf on the basis of Power of Attorney?
What is a clearing member account and how is it different from a beneficiary account?
How many Demat Account can be added to my Trading Account?
How many Demat Accounts do I need?
Is there any nomination facility in Demat Account?
Do I need to contact all companies for any update in my personal details?
What precautions should I take to prevent misuse of securities lying in my demat account?
I am not a frequent trader on stock exchange. What should I do with Transaction Statement?
How much do I need to pay for my Demat Account?
What kind of help can I get if I have any problem with my NSDL Demat Account?
What are the value added facilities on my demat account?
How long can I hold the shares of a company? What are the changes applied in holding shares for the long term?
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?
How can I get dividends directly to the bank instead of the cheque? Is there any online application?
Can I add another person to my demat account?
Why do I need a demat account?
Is demat account required for SIP?
What is the differences between NSDL and CDSL?
Does any stock broker offer CDSL Easiest facility?
Can I transfer shares from CDSL demat account to NSDL demat account?
What happens if I do not pay AMC for a demat account?
Can I open Demat Account without PAN Card?

List of all questions Ask your question