IDBI Bank SI Mandate from Download

IDBI Bank SI Mandate

Based on the provided document, here are the key points of the IDBI Bank Standing Instruction (SI) Mandate form:

Auto-Debit Authorization: The borrower requests and authorizes IDBI Bank to automatically debit their saving/current account to pay loan installments (p. 1).
Loan Agreement Binding: This mandate forms an integral part of the primary “Composite Agreement for Loans and Guarantee” (p. 1).
Installment Specifications: The form maps critical details including the 1st Borrower’s name, the primary loan account number, the source debit account number, the installment amount (subject to EMI/Pre-EMI changes), and the effective date (p. 1).

Backup Post-Dated Cheques (PDCs): The borrower must enclose a specific number of cheques as required by bank policy for installment security (p. 1).
Discretionary Presentation: The bank holds absolute discretion to present these physical cheques to the drawee bank if necessary (p. 1).
No Double-Debiting: If an installment is successfully cleared via the auto-debit (Standing Instruction) mode, the bank will not present the physical cheque for that same installment (p. 1).

Immediate Repayment Obligation: If the borrower instructs the bank to stop or discontinue the Standing Instruction mode, they undertake an immediate obligation to provide alternative repayment cheques upon demand without any protest, contest, or delay (p. 1).

Joint Account Holders: The form features dedicated signature blocks for up to three account holders (Holder 1, Holder 2, and Holder 3), requiring authentication from all relevant accounts holders (p. 1).
Mandatory Bank Verification: The bottom section is reserved exclusively for IDBI Bank branch officers to verify and certify that the customer’s furnished account records are accurate (p. 1).