To answer your query, can demand draft be cancelled in India, so yes you can get your DD cancelled, but there are certain conditions. A demand draft is a pre-paid instrument, which means that once issued, it represents a guarantee of payment by the bank to the beneficiary. However, there are scenarios where a DD may need to be cancelled, such as if it’s no longer needed, if there’s an error in the details, or if it’s lost.
If you want to cancel a demand draft, you can follow these general steps:
You must visit the bank where the DD was issued. Only the issuing bank can process the cancellation.
If you have the original DD, you must submit it along with a cancellation request. If your draft is lost, you need to provide an indemnity bond as proof.
A written application or cancellation form needs to be submitted, explaining the reason for the cancellation.
Banks can charge a fee for cancelling a demand draft, which may vary depending on the bank and the value of the DD.
After the cancellation is processed, the bank refunds the amount either directly in account or cheque. This process may take a few days.
There can be an exception, if the DD amount was directly deducted from your account not by cheque using your KYC verification, the DD might not be cancelled.
Additionally, your dd can directly get cancelled if your account does not have the required amount or if you have set a limit in your bank account (for withdrawal or to be paid to someone).
It’s important to note that once the DD has been presented or encashed by the beneficiary, it cannot be cancelled. Additionally, some banks may have a timeframe within which a DD cancellation request must be made.
I hope your query for can DD be cancelled is solved.
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Can Demand Draft be Cancelled?
pragati
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2024-09-16T12:22:38+00:00 2024-09-18T10:03:32+00:00Comment
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