Collab.Land bot will have Administrator permissions to start. 

You can keep the Administrator permissions. 

Alternatively, you can remove Administrator permissions as long as the bot has the following:

        - View Channels

        - Manage Channels

        - Manage Roles

        - Ban Members

        - Send Messages

        - Use Application Commands

If the bot does not have Administrator permissions or all six permissions listed above, it will not function as expected. 

Remember to click "Save Changes" button to apply the changes.