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Apply NowCheques are one of India's most widely used banking services. They are easy to understand, so they can be used by people living in urban as well as rural areas. Cheques also have multiple uses, acting as proof of ownership in addition to a means of transaction. Additionally, a cancelled cheque, a type of cheque, can be used to open a bank account and apply for a loan.
A cheque with two parallel strike lines is known as a cancelled cheque. The phrase "CANCELLED" is scrawled across the cheque between the two parallel strike lines. It is written like this to ensure no one can misuse the cheque. Although cancelled cheques cannot be used to withdraw funds, they are vulnerable to cyber theft or misuse because they contain the following information:
A cancelled cheque cannot be used for withdrawing or sending money. It contains your banking information which some banks and other organisations may use to verify your details and their correctness. The cancelled cheque contains your bank account number, the IFSC code of your home branch, and the MICR code which are used by lenders, investment brokers, and other organisations as proof of your banking details. So, it’s not wrong to say that a cancelled also acts your banking bonafide certificate.
A cancelled cheque is also used for KYC verification, insurance claims, EPF withdrawals, and loan disbursals. Hence, it forms a crucial document for availing of several financial services and more. However, always ensure to use correct measures for cancelling a cheque since they can be used for fraudulent purposes if not cancelled as per the convention.
It is easy to write a cancelled cheque. It does not require extensive information, so anyone with a pen can write one. Keep these pointers in mind if you want to write a cancelled cheque:
As a result, it is recommended that the cheque be crossed out properly to avoid any mismanagement that could cause financial losses.
A cancelled cheque is more valuable than you might think. Here are some of its most common uses:
People worry about misuse and fraudulent withdrawal using the cancelled cheque. However, no such transaction can occur since they are legally cancelled, and you must not worry about it. However, ensure to cancel your cheque as per the norms.
Nobody can withdraw money using a cancelled cheque, but people can still use it for fraudulent acts. To be safe, do not sign a cancelled cheque and always hand it over to an authoritative figure. A cancelled cheque still has information like your bank account number, MICR code, IFSC code, bank name, account holder's name, and so on.
Always ensure your signature is not affixed to a cancelled cheque; otherwise, fraudsters may be able to duplicate it. If a signature on the cheque leaf is mandated, get a statement or affirmation to support the same.
A cancelled cheque consists of your banking details such as your account name and number, bank name and branch, IFCS code, and the MICR code. It helps banks and other organisations such as lenders, insurers, and investment brokers to verify your banking details. When availing their services, you may need a cancelled cheque for KYC verification and other similar purposes.
No, a cancelled cheque is not used for any financial transaction, so you don’t need to authorise it through your signature. You simply need to draw two parallel lines and write ‘cancelled’ between them.
A cheque once marked cancelled cannot be used for transactions in the future. To withdraw money, you will need a fresh cheque leaf and mention all the required details and mark your signature.
Since a cheque is cancelled legally by its writer, it cannot be used for withdrawing money. Hence, the cheque holders must not worry about any risks. However, cancelled cheques still contain your banking information so you should be vigilant with whomever you share your cancelled cheque.
Conventionally, black or blue pens are used to cancel a cheque. Marking with red or green ink may result in rejection. It is advisable to use a blue or black pen and follow the correct method to cancel your cheque.
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The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
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