What Is A Cancel Cheque And Why Is A Cancel Cheque Used? – Hello friends how are you all? Hope you are all healthy. I once again welcome all of you to our brand new article. Friends, today we are going to give you information on a very important subject in this article. Today in this article, we will give you information about cancel cheque. Together we will also tell you what is a cancel cheque and why a cancel cheque is used. So friends, if you also want to know about the cancelation cheque and want to get complete information related to it, then read this article completely till the last.
Friends, if you have a bank account and you transfer money from your bank account then we are sure that you will definitely know about the cheque. We all use cheques. cheque is an important part of our life. It contributes significantly to the banking system. You all know what a cheque is and why the cheque is used.
But friends many times we get to hear the word cancil cheque. There is a lot of confusion in the minds of people about this cancelation cheque because the cancelation cheque is never explained in detail. Friends, if you also want to know about cancel cheque and get information related to cancel cheque then today you have come to the right article. Below we are going to tell you the complete information related to the cancelation cheque.
What Is A Cheque ?
Friends, before we give you information about the cancelation cheque, first of all you should know that the cheque is done. If you do not know about the cheque, then for your information, tell me that the cheque is a special type of document. You use it to send money to someone’s account. The name of your bank is written in the cheque and the amount you want to give is written as Ammount. All you have to do is sign.
After signing the cheque, any person can take that cheque to the bank, then he can withdraw money from there. Friends, it has been seen many times that we easily withdraw small amount ATMs like hundred and thousand from the bank. But when we have to transact in lacks, then we face some problem. In such a situation people use cheques. A safe way is to use a cheque.
Just as cheque is important to us, like cancel cheque is very important for us. However, it is also true that very few people know about cancelous cheques. Many times, when applying to the bank or any other form, we need a cancel cheque. But at that time, we do not understand what is cancel cheque? Friends, below to solve your problem, we are going to give you complete information related to the cancel cheque.
What Is A Cancel Cheque ?
Friends, now we do not waste much of your time and tell you what is a cancel cheque. Friends cancel cheque is a cheque drawn from your cheque book. Which look very similar to exact cheque. Just in the middle of this cheque, we draw two parallel lines and in the middle we write a cancel cheque with the capital letter. This is called cancel cheque. To make a simple cheque a cancel cheque, you have to draw two lines in the middle and write the word cancel in the capital letter in the middle. Your cheque will be converted to a cancel cheque and you can use it as a cancel cheque.
Uses Of Cancel Cheque
Many of our friends have confusion about why cancel cheque is used. What is the use when it is written in cancel cheque? So friends below, we are telling you some of the main uses of cancel cheque.
For taking any type of loan
If you want to take any type of loan from the bank, for this you will have to give a cancel cheque in the bank. Many times we need to take home loan, vehicle loan, education loan, personal loan. In such a situation, if you do not have a cancelation cheque, you will not get a loan.
For Account Verification
cancel cheques are used to verify the account. A cancel cheque is sought from you so that the bank can see whether you have an account with the bank or not. Because you will not have a cheque book until you have an account with the bank.
To Open An Account
If you want to open your account in any bank, then you must have a cancel cheque for that. A cancelous cheque is demanded at the time of opening the account.
To Open A Demat Account
A demat account is a special type of account. This amount is open for those who invest money in the stock market. If you want to deposit your money in stock investment, then for that you have to open a demat account. Demat account will be able to open only when you have a cancel cheque.
If you want to take advantage of an insurance policy, then you must also cancel cheque for it.
If you are an employee of a company and you want to take money from the company then you will need a cancel cheque. Money will not be credited to your account without cancel cheque.
Friends, the KYC system has been implemented to prevent fraud in banks and to verify your bank account. Know full form of KYC. To perform KYC, you have to submit a cancel cheque with the bank.
These were some of the main uses of cancel cheque for you. That’s all for today. Today’s information ends here. Today in this article we told you about the cancel cheque. As well as expose yourself to some important uses of the cancel cheque. We hope you like this information. Friends, we keep bringing many kinds of information for you. If you want to get other similar information, then read our article daily. Thank you very much for your valuable time. Good Day