Bank News: If you are doing any finance related work, then you will need to cancel cheque at that time. Actually companies take this cheque to verify your account.
Insurance Companies: If you have ever invested in an insurance scheme, then the company must have asked for a cancellation cheque from you. The company has all the information about your bank account, even after that why they ask you to cancel the cheque, have you ever thought. Let us know the reason for this.
What does a canceled cheque look like?
Cancel cheque has to be given only by writing cancel and making a cross. Your name may or may not be written on the canceled cheque. Your account number and IFSC code are written on the cheque. Always use blue and black pen to write on the cheque or else the canceled cheque will be considered invalid. There is no need to sign the canceled cheque.
This is the reason for asking for a canceled cheque
If you are doing any finance related work then at that time you will need to cancel cheque. Actually companies take this cheque to verify your account. If you want to withdraw money from Provident Fund offline then a canceled cheque is required. Not only this, while investing in mutual funds or buying an insurance scheme, you may also have to pay a canceled cheque.
Do not make this mistake while giving canceled cheque
Your canceled cheque contains the necessary information related to your account, so never give a canceled cheque signed by mistake to anyone.
Cancel cheque is needed here
You need a canceled cheque to open a demat account, get KYC in the bank, buy insurance, pay EMI, invest in mutual funds, get loan from bank, while withdrawing EPF money. .
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