New Delhi Checks still have an important place in the era of digital banking. Even today, a cancellous check is demanded at the time of business or bank or job. Several types of precautions need to be taken before giving the cancell check. Although there is nothing of cancellation check, but in this kind of check, many types of information about your name are hidden.
So the need arises
Cancell check is seen as a verification document. If you are giving a canceled check to someone, then it confirms your bank account, your name etc. In total, the cancellation check provides five strong information.
Drawing two lines diagonally across a normal check and writing Cancelled in the middle makes it a cancellous check. Now this check is of no use and it cannot be used to withdraw money. The thing to keep in mind is that before writing the word cancil, see that it does not come in any way on the details related to your bank account.
These are the details on the check
Name of the bank where you have an account
Bank’s IFSC Code (IFCI Code)
Caution when giving a cancell check
No one should give away thinking that the cancell check is useless. Cancellation check has important information related to your bank account. It can be used to withdraw money from your account in a wrong way. If possible, give a canceled check without signing it. Give signed cancellation checks only to companies and institutions that you trust completely.
Where does a cancell check
1. For opening a demat account
2. For conducting KYC in the bank
3. To buy insurance
4. To Fill EMI
5. For investment in Mutual Fund
6. To get a loan from the bank
7. To withdraw money from EPF
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