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A cancelled cheque is a cheque leaf on which a person has drawn two lines and written the word ‘cancelled’ on it in between those lines. A bank never pays a cancelled cheque as it carries no monetary value at all. A cancelled cheque is used to prove that you are the account holder of the cheque being issued. You also don’t need to sign a cancelled cheque.

Many banks and other financial institutions want a cancelled cheque while processing many of your requests for services such as loans, bank account opening and more. It is used as a key document for undergoing Know Your Customer (KYC) formalities.

They use the information that is contained in a cancelled cheque to verify your bank details. A cancelled cheque has following information such as:

Your name
Your account number
Cheque number
IFSC Code of the bank branch
MICR Code of the bank branch
Name of the issuing bank and branch