Hello Friends, Welcome To Our Blog, And In Today’s How-To Guide, You Will Learn How To Cancel A Cheque Properly. As You All Know, Most of The Online EMI Apps, And Investment Apps Will Require A Cancelled Cheque As KYC Documents.
They Will Do So To Verify Your Bank Account Details And Your Account In Bank Along With Other Important Information Like MICR Code And IFCS Code Etc.
In the Present Era, You Have To Submit A Cancelled Check To To Verify Your Details To Withdraw Money From Your Demat Account For 1st Time. You Have To Submit A Cancelled Cheque Whenever You Will Apply For Online Car Loans, Education Loans, Credit Cards, Home Loan, And Even For Personal Loan.
Submitting A Cancelled Check Is The Basic Terms And Conditions of Present Time Online Loan Provider Financial Institutions. But Approval of a Loan Will Depend On Your Credit Report And Credit Score. So, It’s Not Necessary That, On The Behalf of A Cancelled Check, You Are Eligible For A Loan.
Now When You Understand Well, Why A Canceled Cheque is Important, Then You Must Want To Know How To Properly Cancel A Cheque? If Yes, Then Just Read The Below Given Guide. This Will Help You To Cancel A Check Properly. Read It And Follow The Steps.
Complete Guide On How To Cancel A Cheque
Below Are Some Steps, That You Must Follow If You Want To Upload OR Submit A Valid And Requested Cancelled Check From Any Financial Institution. These Are Just Simple Steps And Even A 8th OR 9th Grade Students Can Understand These.
Step 1:
First of All, Pick A Fresh Cheque Leaf From Your Cheque Book To Cancel It. Make Sure Nothing Will Written On It Through A Pen.
Step 2:
Now Draw Two Parallel Lines Across The Cheque From Left Lower Bottom To Right Top Bottom, So, No Any Important Information Will Ruined With These.
Step 3:
Write The Word “Cancelled” Between Those Two Parallel Lines. Make Sure You Write “Cancelled” In Capital Letters.
Step 4:
Now Tear The Cheque Leaf From Your Checque Book And Hand Over To The Financial Institution Agent OR Click It’s Picture And Upload It.
So, This Is A Complete Guide On How To Write A Cancelled Cheque For Various KYC Documentations.
Important Notes:
Below I Mentioned Some Important Notes, Keep These In Mind During the Cancellation of Any Cheque. Avoiding These Points May Cause Rejection of Your KYC Documentation And Misuse of Your Cheque.
- Don’t Signature On Your Cancelled Check, Otherwise You May Victim of Any Fraud.
- Never Handover A Check To Any Unknown Person.
- Don’t Draw Lines Over Important Informations Like MICR Code, IFCS Code, Bank Account Number, And Branch Address.
- Don’t Write Anything Unnecessary Over Checque.
- Write “Cancelled” In Block’/Capital Letters.
- So, These Are Some Important Points That You Must Consider While Cancelling A Cheque.
Usages of Cancelled Cheque
Below Is a List of Occasions, Where You Need A Cancelled Cheque. If You Are Also Looking For Cancellation Guide of Cheque For One of The Below Listed Reasons, Then Above Guide Is Best For You.
- For KYC Completion
- For EPF Withdrawl
- To ECS Services Clearance
- To Apply For EMIs
- For Open A Demet Account
So, These Are Some Major Reasons To Use A Cancelled Cheque.
No, You do not need to sign or write anything on the Cancelled cheque. Signature On A Cancelled Cheque Not Required By Any KYC Authority. So, You Can Skip It.
Yes, You Can Use It For Multiple Times, Until You Don’t Lose It. There Is No Limit to Use A Cancelled Cheque. To Save Your Other Cheques, Just Save A Cancelled Cheque And Reuse It Whenever You Need It.
Yes, A Properly Cancelled Cheque Can Be Misused To Withdraw Money From A Account. After Cancelled, It’s Just A Common KYC Document That Can be Used To Verify Bank Account And IFCS Code. So, You Can Upload It Without Any Worry.
Final Words:
So, It’s A Complete Guide On How To Cancel A Cheque And The Usage of a Cancelled Cheque. Hope This Will Helped You To Write A Cancelled Checked For Your Use.
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