Cheque payment: State Bank of India is one of the most known Government-run banks of India that is known for its efficient banking facilities offered to its customers. By this, the customers can exercise the bank account easily from home or the office. Net banking has many unique facilities and features relating to the bank account. The checkbook is an important banking document and needs to be handled with care to the delivery point.
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| Stop A Cheque Payment Via SBI Online Internet Banking |
The State Bank of India provides an online cheque facility to their customers by which they can execute many tasks in relevance to bank accounts. Online SBI bank cheques are used for safe and secure payments. Online Cheque payments involve fewer risks and insecurities. Different types of cheques are issued by the bank like the bearer cheque or order cheque or even an open Cheque payment.
How Do You Define A Cheque?
A cheque is an unconditional statement addressed to the banker, also signed by the customer who has deposited the money in the bank, requesting them to pay on demand a certain amount of money to the bearer of the statement. The Cheque payment is also a financial instrument that can be endorsed to any person for transfer payment.
After opening a bank account, they usually provide a checkbook for financial transactions. Depending on the type of account you have, the customer can be issued various types of checkbooks. The number of pages in a checkbook also differs according to the account type. Say for instance in the case of a current account the number of checkbook pages is more as compared to a savings account.
The different parts of a cheque are:
- The drawer is the person or entity who makes the cheque
- Payee as the recipient of the money
- Drawee is the bank where you present the check for payment
- Amount refers to the currency amount to be transacted
The cheque method was introduced in India by the Bank of Hindustan. In the year 1881, the negotiable instruments act was created in India. The NI Act allowed the legal platform for the instruments of non-cash payments in the country. In 1938 the Calcutta Clearing Banks Association adopted the clearinghouse. Until 1st April 2012, the cheques were issued with a validity of six months. After that, the Reserve Bank of India issued an order by which the cheques had a validity of three months only.
Types Of Cheque
Before you get to know about how to write a cheque, cancel it or stop it; it is important to know the various types of cheque options that SBI offers to its customers. State Bank of India offers these different cheque options for the benefit of the customers:
- Bearer Cheque
- Crossed Cheque
- Order Cheque
- Post Dated Cheque
- Anti Dated Cheque
- Stale Cheque
- Gift Cheque
- Traveler’s Cheque
- Mutilated Cheque
Different Options To Write A Cheque?
A cheque is an important document issued by the bank. It is used to pay a certain amount of money that is transferred from one person to another person or company or to say another financial institution. The different cheques are written as:
- Writing a self-cheque in SBI
- Writing an Account Payee Cheque in SBI
- Writing canceled cheques in SBI
How To Stop A Cheque?
Sometimes in an emergency, one has to stop the cheque payments. Before the introduction of internet banking, customers had to visit the bank manually to stop the cheque manually. But with the introduction of internet banking, the process has become much convenient to customers. But still, there are some people who prefer to go for the manual method. Hence, it is better to know both methods.
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The Manual Method:
In this manual method of stopping an issued cheque, you may need to take out some time and visit your bank branch. These are the steps that you need to follow:
- Write a letter to the bank branch manager, stating the cheque number, the amount mentioned on it, and the person to whom the cheque has been issued. Also, you need to mention the reason for which you are stopping the cheque.
- Do not forget to get a receipt from the bank that you have submitted a letter to stop the cheque. The receipt should have an acceptance signature of the bank branch manager along with the date and time when you have submitted the letter to the bank. If some misunderstanding takes place in the future, or somehow your cheque has not been stopped from the bank side, you can present this receipt to the manager and other officials to state that you have requested for the stopping of the cheque on so and so date and time.
But what if you are out of the station and suddenly you realize that you need to stop a cheque. This is the reason why internet banking has been introduced, and you can stop your cheque sitting at any corner of the world.
Internet Banking Method:
Through internet banking, SBI uses its stopping cheque payment facility. The bank can stop the cheque payment before it is presented for clearing. One can use internet banking or the phone banking services of the State Bank of India to procure their cheque series.
There are various steps to stop the cheque payments using the State Bank of India internet banking services:
- At first, the customer must visit the official website of SBI at onlinesbi.com. Log in to your internet banking profile using your username and password.
- When you have successfully logged in to your internet banking profile, now look for the e-services tab. On clicking on it, a number of options will appear on various banking services. From the various banking service options provided, click on the option of stop cheque payment of electronic payment system
- Now you have to enter the details of the lost cheque such as the start cheque number, the type of cheque, etc. Be very careful while putting in these details so that the cheque can be stopped at the right time before the payee of the cheque can en-cash it.
- Now, you need to select a proper reason for which you are stopping the cheque. Select the option of the correct reason to stop the cheque from the drop-down list of reasons and then accept the terms and conditions and click on the submit button.
Reasons To Stop A Cheque
There can be some reasons why you may need to stop a cheque suddenly. The various reasons why the stop cheque payment option appears are:
- Cheques have been issued to a party for the payment of goods, but later on, it was found that the party had delivered faulty materials.
- The party has been paid by mistake an extra amount that was not required.
- One needs to postpone the transaction of payment because the account balance is small.
- The cheques could have been stolen and deposited in the bank with fake signatures.
- The customer could have lost his checkbook somewhere and cannot place it.
How To Seek Help When Nothing Is Working?
If somehow you are not in town and you wish to stop an issued cheque, but your internet banking is also not working, then this can be trouble. In this scenario, you can email your details such as the cheque details and the reason for stopping the cheque at their official email id of customercare@sbi.co.in.
But this can take some good time in coming to action. Hence, another better option is to contact the customer care department directly through their contact numbers. Different cities have different contact numbers for SBI customer care. But if you are calling on these contact numbers, you will be charged per minute. A better idea is to call up at the toll-free numbers of the bank. The toll-free numbers that you can use to seek help are 1800 11 2211, 1800 425 3800, and 080 26599990.
- After you have dialed up the toll-free number and have performed all the actions to reach to the customer care executive, you will be asked a number of personal details.
- These will be something like your account number, your date of birth and other details registered with the bank. This will be done to verify your authenticity.
- After cross-checking your authenticity, the executive will help you out in stopping the cheque.
How To Stop Payment For Issued Cheques In Online Sbi {*Video Tutorial*}
A Cheque payment serves as an important financial instrument for the everyday transfer of the funds via varied accounts. The customer can perform the transactions without getting confused. The various methods of cheque transactions must be known to the SBI customer for the easy and safe business. One must select his bank only after weighing the various pros and cons and the offers given by each bank. SBI is a very well-known and secure option for transfer and financial transactions at any time of the year.
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