Experience The NoBrokerHood Difference!

Set up a demo for the entire community

Thank You For Submitting The Form
Home / Payment / Does cancelled cheque require signature?
Q.

Does cancelled cheque require signature?

view 2063Views

2 Year

Comment

1 Answers

Send
0 2022-05-13T18:46:15+00:00

Hi,

I was asked to submit a cancel cheque when I was buying an insurance policy. I did not know what a cancelled cheque is, so I asked my father about it. He explained the concept of a cancelled cheque in very simple words. Let me pass on the same info to you.

What is a Cancelled Cheque: Cancelled Cheque Signature Required or Not

A cancelled cheque is a cheque that has been crossed with 2 lines and the word “cancelled” is written across. It acts as proof that the person has an account in a particular bank. Here’s how you can cancel a cheque:

All you have to do to cancel a cheque is draw two parallel lines over it and write “cancelled” in between the lines. You don’t have to sign a cancelled cheque because this can help any fraudster replicate the same. If someone asks you to sign the cancelled cheque, then you should always ask them for a declaration or statement stating the same.

A cancelled cheque can provide several details about your account like your name, account number, bank branch, bank name, and MICR code. Even though the cases of fraud using a cancelled cheque aren’t common, please ensure that the institution or individual to which you hand over your cancelled cheque is trustworthy.

I hope now you got the answer to your query on “does cancelled cheque require signature.”

Pay Rent via NoBroker Using Credit Card and Earn Reward Points/Air Miles or Get Cashback! Some Cases Where You Need to Submit a Cancelled Cheque
  • While opening a current account or savings account in the bank.

  • For KYC purposes.

  • To withdraw EPF funds.

  • When opening a Demat account.

  • When purchasing insurance policies like a moneyback plan or endowment plan.

  • A financial lending organization may ask you to submit a cancelled cheque to process the loan request.

Now you know what to say if someone asks you this question: “Do we need to sign on cancelled cheque?”

Pay Your Utility Bills like Water and Electricity Bills Online with the Help of NoBroker’s Bill Payment Services!

Read more:

What happens if a crossed cheque is presented for payment?

How to find cheque number?

This is all on your query related to “cancelled cheque signature required”

Most Viewed Questions

Recently Published Questions

Flat 25% off on Home Painting
Top Quality Paints | Best Prices | Experienced Partners