The Letter of Authorization to Debit Account is a critical banking instrument in Saudi Arabia used to establish and maintain automated payment arrangements between account holders and service providers or creditors. This document, regulated by the Saudi Central Bank (SAMA), provides banks with the legal authority to process recurring or one-time debits from a customer's account. It's commonly used for various purposes including loan repayments, utility bill payments, insurance premiums, and other recurring financial obligations. The authorization typically includes specific details about the account holder, bank account information, debit parameters, and validity period. This document is essential for both individual and corporate banking relationships in Saudi Arabia, providing a secure and efficient method for managing regular payment obligations while ensuring compliance with local banking regulations.
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1. Account Holder Information: Full legal name, contact details, and official identification details of the account holder as per SAMA requirements
2. Bank Information: Complete details of the bank including branch information where the account is held
3. Account Details: Specific account number(s) and type(s) to be debited
4. Authorization Declaration: Clear statement authorizing the bank to debit the account, including the purpose of the authorization
5. Debit Details: Specific amount or calculation method, frequency, and timing of authorized debits
6. Duration and Validity: Period of validity for the authorization and any expiry conditions
7. Cancellation Rights: Terms and process for cancelling or modifying the authorization
8. Account Holder's Declaration: Statement confirming understanding and acceptance of terms
9. Signature and Date: Space for account holder's signature and dating of the document
1. Multiple Beneficiary Details: Used when the authorization covers payments to multiple beneficiaries
2. Variable Amount Instructions: Include when debit amounts may vary, specifying maximum limits and notification requirements
3. Joint Account Provisions: Required when the account is jointly held, specifying authorization requirements from other account holders
4. Digital Authorization Provisions: Include when the authorization can be provided through electronic means
5. Insufficient Funds Protocol: Optional section detailing procedures in case of insufficient funds
6. Language Declaration: Used when providing the authorization in multiple languages, typically Arabic and English
1. Schedule A: Payment Schedule: Detailed breakdown of payment dates, amounts, and frequencies if applicable
2. Schedule B: Supporting Documents: List of attached documents such as ID copies or commercial registration
3. Schedule C: Terms and Conditions: Detailed terms and conditions referenced in the main letter
4. Appendix 1: Bank Account Details: Additional account information if multiple accounts are involved
5. Appendix 2: Authorized Signatories: List of authorized signatories if applicable for corporate accounts
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