Canceled check: In the digital age, money is transferred from one bank account to another bank account in a second with a smartphone. All banking related work is done online. No need to go to the bank or stand in the queue. Therefore, going to the bank has also reduced. But despite the changes brought about by digitization, the tradition of cancel check remains. Even today, banks or insurance companies ask their customers to cancel checks. Many companies also ask for canceled checks from new employees. So why is a cancellation check sought even in the digital age? Everyone has this question. ,utility news in marathi,
Need Cancel Check?
When you give a canceled check to someone, there is no need to sign it. Just write cancel on the cheque. After that a slash has to be made on the cheque. A canceled check is taken to verify the bank account of the customer or employee.
What information is on the check?
To give a canceled check means your account in the bank. Your name may or may not be on the check. Because your account number is written on the check. Along with this the IFC (IFSC) code of the bank branch is also written. Based on that, the bank or company verifies your account. Because, the cancellation check contains your account details. So don’t give canceled check of bank to anyone.
Can I get money from a canceled check?
No one can withdraw money from your account with a canceled check. Canceled checks are only used to verify your account. When canceled check is given to someone, it is written as cancel. Cancel check should not be misused, for that cancel is written.
Need Cancel Check?
Cancel check is required while doing financial work. After taking a car loan, home loan or personal loan, you are asked to cancel the check. Cancellation check is necessary even if you are withdrawing money from PF account online. While investing in mutual funds, the company asks you to cancel the cheque. Always use black or blue ink pen to cancel cheques. No other color pen can be used for canceled cheque.
When is a canceled check required? ,
while taking loan from bank
To withdraw money from EPF
To open demat account
Doing KYC in Bank.
to buy insurance
To pay IMI
to invest in mutual funds
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