Master the Art of Writing a Cancelled Cheque for Hassle-Free Transactions.
A cancelled cheque is a vital proof that showcases your account with a specific bank. Familiarising yourself with this document is crucial as it is beneficial in numerous situations. For instance, while shopping on EMI, it is necessary to submit a cancelled cheque to the financer as evidence that you possess a valid bank account. So, get yourself accustomed to the importance of a cancelled cheque, and discover how to create one and when it is useful.
Understanding a Cancelled Cheque
Every cheque contains your account number, IFSC code, MICR code, and cheque number. Therefore, each cheque leaf comprises your account details, allowing you to authorize someone to transact with your account. Giving someone a blank cheque poses a high risk as the person can quickly enter any amount and withdraw money from your account. So, to avoid incurrence of such damages, cancelling the cheque is a must.
When cancelling, ensure that you write the word 'cancelled' on it, as this makes the cheque invalid for any transactions by you or anyone else. However, the information on the cancelled cheque remains functional, and you can use it to process various finance-related applications.
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Steps to Write a Cancelled Cheque
Now that you know the purpose of a cancelled cheque, here are the simple steps to make one that will help you process your applications:
1. Pick a fresh cheque and cancel it. Do not sign on it.
2. Draw two parallel lines across the cheque.
3. Write the word 'cancelled' in block letters between the lines.
4. Ensure that the parallel lines do not cover essential details such as account number, account holder's name, MICR code, name and branch address of the bank.
Occurrences That Require a Cancelled Cheque
Creating a cancelled cheque process is easy. Therefore, there are several reasons why the document is significant. The following are some of the common applications that require you to submit a cancelled cheque:
1. While purchasing high-value products on EMI, you will need to provide a cancelled cheque to your financier to verify your bank details.
2. When applying for the Bajaj Finserv EMI Network Card, you are required to submit a cancelled cheque to shop at the Bajaj Finserv EMI Network. You can then enjoy a pre-approved loan of up to Rs. 2 lakhs to purchase electronics, groceries, furniture, accessories, home appliances, apparel, among other things. You can shop from over 60,000 partner sellers online or offline, convert purchases into No Cost EMIs, and then repay the amount over a flexible tenor ranging from 3 to 24 months.
3. When applying for a loan, you must submit a cancelled cheque.
4. Registering for the Electronic Clearance Service (ECS) for a loan or credit purchase requires submitting a cancelled cheque.
5. Submitting a cancelled cheque is necessary when investing in mutual funds, provident funds, or an insurance policy.
Now that you know when to issue a cancelled cheque and where to use it, you can relish a smoother banking experience and enjoy the benefits of shopping on the No Cost EMI. You can easily take advantage of the Bajaj Finserv EMI Network by applying for the Bajaj Finserv Insta EMI Card.
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