If you need to make sure that you are able to pay money in order to carry out a certain transaction, there are many different ways of doing that and it is all thanks to the amazing financial system that we have for sure.
People have different choices these days. They can choose to make payments in cash, have a fund transfer, or choose the demand draft option for sure. There are many cases where demand drafts have been used widely in order to make payments for the school fees, tuition and university fees and so much more.
However, there are also some cases where people actually sanction a demand draft but then have to cancel it? Have you ever gone through something like that in the first place? Well, do you want to know how to cancel the demand draft without any difficulty?
Well, we are here to help you out with that. There is a proper procedure in SBI which allows the users to actually cancel their demand draft in the most active and effective ways for sure. Also, it won’t be too much of a hassle for you. However, there are some Demand Draft cancellation charges that the applicant has to pay and that is mandatory.
In case you want to know the charges that one needs to pay in order to cancel an SBI Demand Draft then we have that kind of information right here. The rate for the Revalidation or Cancellation of the Demand Draft would actually take about Rs. 100 along with the GST charges as well. So, this is one thing you need to keep in mind.
How Can One Cancel SBI Demand draft?
Well, we are here to provide you with some details on the cancellation of the Demand Draft of SBI in the best way. So, one thing that you need to keep in mind is that it is not possible to cancel the demand draft online.
Yes, there is no provision for such a thing to happen in SBI and hence you will not be able to access the procedure from the website of the bank. So, there is simply not a single speck of doubt that if you want to cancel the demand draft of SBI then you have to visit the nearest bank branch that you have so that the procedure can be handled by some expert.
When you create the DD, the amount is deducted from the account of yours. Now when you cancel the DD, then the amount will be transferred back into the account of yours in the best way.
When the amount gets deducted from the Bank account, then the user needs to fill up the DD cancellation form in order to cancel the DD. However, if the DD is sanctioned with cash, then returning the receipt of the Demand Draft to the bank branch will provide the amount back to the user.
Case 1: Before delivery of the Demand Draft to the payee:
In case the Demand Drat is not delivered to the payee, the applicant can submit a request letter for the cancellation of the Demand Draft at the issuing bank branch.
Case 2: If Demand Draft delivered to the payee
If the demand draft is delivered to the payee, the applicant has to obtain the consent of the payee for canceling the demand draft. A request letter needs to be submitted for cancellation at the issuing bank branch along with the consent letter from the payee.
Important Note: If you have lost the demand draft, you have to give stamped indemnity and sureties to the Bank.
So, that is all you need to know about the cancellation of Demand Draft in SBI. We hope this article helped you out.