![]() Step 1: Remove a new cheque from the cheque leaf you want to cancel. If you're cancelling a cheque to submit it for a specific purpose, follow these steps: To cancel a cheque, just strike two lines across it and write the word "Cancelled" in the middle. Open cheques, self-cheques, bank cheques, crossed cheques, stale cheques, and cancelled cheques are among the several types of cheques. Payee: The payee is the individual to whom the bank must pay the money.Drawee of the cheque: The drawee of the cheque is the bank that has been ordered to pay the stated amount according to the cheque.Cheque Drawer: The drawer is the individual who signs the cheque or instructs the bank to pay a certain sum of money via a cheque.The reason you are being asked to cancel the cheque is to ensure that it is not used in an illegal or unethical way.Ī cancelled cheque also retains other information, such as the account holder's name, account number, magnetic ink character recognition (MICR) code, Indian Financial System Code (IFSC) code, name and branch of the address where the account holfder resides, and the cheque number, even if it cannot be used to withdraw money from the drawer's account. ![]() Aside from that, there is no need to sign or write anything on the cheque. It demonstrates that the individual has a bank account, which cannot be utilised to withdraw funds. A cancelled cheque has two lines crossed across it and the word "cancelled" written. What is a Cancelled Cheque, and How Do You Write One?Ī cheque is a promissory note instructing a bank to pay a certain sum from the drawer's bank account to whomever the cheque is issued to or to the order of the specified person or the bearer of the cheque. The first cheque facility was established in 1770 and was introduced in India by the Bank of Hindustan. In this article, you will learn what a cancelled cheque is, how you write one, and when you require a cancelled cheque. Everyone uses a cancelled cheque as proof of specific bank account ownership. On the other hand, cheques are still widely used by those who are wary of internet techniques or who find them inconvenient. With the advancement of technology, transactions can now be completed online with the click of a few buttons. Cheques are one of the most widely used and traditional banking instruments in India.
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