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Though it is not safe to provide a blank cheque to anybody, we often come across situations in our daily lives where we will be required to submit cancelled cheques. How are blank cheques different from cancelled cheques? What exactly does a cancelled cheque mean?
A cancelled cheque is a proof that an individual has an account with a bank. The cancelled cheque acts as a proof confirming the account number, account holder's name, branch name, IFSC, and bank name.
When should you submit a cancelled cheque?
Here is a list of 5 cases where you have to submit a cancelled cheque:
1. Investing in Mutual Funds/Stock Market
2. Equated Monthly Instalments (EMI)
3. Electronic Clearance Service (ECS)
4. Provident Fund Withdrawal
5. Purchasing an Insurance Policy
