Multiple choice

Which of the following is not an essential feature of a mandate?

  1. It is given on a simple paper.

  2. It does not require registration with any government authority.

  3. In joint accounts and in partnership, it should be signed by all account holders/all partners.

  4. It should be properly stamped.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Mandate is an unstamped letter that is signed by a customer, authorising him to operate the account on his behalf. Thus, option 4 is the correct answer. 

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