Cancellation of a Demand Draft (DD) will be processed by Bank Officer based on the certain guidelince issued by the Reserve Bank of India and some internal verification procedure. Whenever we wanted to cancel a DD either it was drawn using the Cash or with a Account Payee Cheque, you need to contact the Branch from where you have collected the DD. Banker will deduct a sum of amount as DD Cancellation Charges from the DD bearing amount and the remaining amount will refund to you on the spot You can collect the refund amount either in Cash mode or a Banker Cheque mode if you want to deposit into your Bank Account. Before that you need to accomplish the following details to satisfy the Banker that you are the genuine drawer of the DD.
- Draft a Letter to the Branch Manager of the Bank requesting about the cancellation of the DD with a reason.
- Mention the refunding method either in Cash or Banker Cheque.
- Enclose the DD in Original if you have lost the DD at lease enclose the counter foil or write the DD is missing in the Letter to the Branch Manager.
- Your signature on the Letter to the Branch Manager should tally with the signature that you have singed in the DD Voucher while requesting for a DD.
- Submit the Letter to the Bank Office, then he verifies the documents and gives you either a Token for Cash refund or a Banker DD by deducting the Cancellation Charges.
- In some banks you need to paste a 1 Rupee Stamp on back side of the Withdrawal Form, if you are requesting the refund as Cash. So, keep a 1 Rupee Stamp with you.
If you have requested a Banker Cheque then ask them to prepare in favour of a person name in which account you are going deposit for collection. Otherwise you can simply wait for a couple of minutes to collect your cash by returning the Token to the Cashier, which is provided by the Bank Officer.