Bajaj Finserv EMI Card

Cancelled cheques and their uses

All about cancelled cheques

When buying any product, NBFCs like Bajaj Finserv ask their customers to submit a cancelled cheque. This cheque is kept as collateral and is a standard practice in India.

Cancelled cheques are not just restricted to product purchases; they are also required while applying for a loan, investing in mutual funds, setting an ECS mandate and more.

Additional read: How to write a cancelled cheque