What is the time limit for cancelling a dd?
SUNIL
(Querist) 24 June 2013
This query is : Resolved
I HAD PURCHASED A DEMAND DRAFT ON THE YEAR 2011. BUT I HAD NOT USED IT.
1)CAN I CANCELL THE DD AND CAN I GET THE MONEY AS REFUNDABLE?
2)what is the time limit for cancelling a DD?
3)IF i don't cancell the dd is the money will be bank's money?
4)after how much time the money will be bank's money?
5)what is the time limit for cancelling a DD and get the money?
6)what is the procedure to get the money?
Rajendra K Goyal
(Expert) 24 June 2013
1)CAN I CANCELL THE DD AND CAN I GET THE MONEY AS REFUNDABLE?
- Yes purchaser of the DD can get the DD cancelled and get the refund.
2)what is the time limit for cancelling a DD?
- DD is presently valid for three months.It can be cancelled upto 3 years.
3)IF i don't cancell the dd is the money will be bank's money?
- It will form the demand and time liability with the Bank.
4)after how much time the money will be bank's money?
- Depends upon Bank and RBI guidelines in force.
5)what is the time limit for cancelling a DD and get the money?
- As advised above.
6)what is the procedure to get the money?
- It can be paid in cash if small amount or through deposit in account / through a cheque.
SUNIL
(Querist) 24 June 2013
THANKS FOR YOUR ANSWER.
BUT ONE THING I CAN NOT UNDERSTAND.
YOU HAVE WRITTEN THAT "It can be cancelled upto 3 years."
THAT MEANS AFTER 3 YEARS I CAN NOT CANCELL IT AND I CAN NOT GET ANY MONEY AFTER 3 YEARS???
malipeddi jaggarao
(Expert) 25 June 2013
1)CAN I CANCELL THE DD AND CAN I GET THE MONEY AS REFUNDABLE?
ANS: You can cancel the DD at any time. Only purchaser should request for cancellation and signature on the DD application and present cancellation request will be tallied.
2)what is the time limit for cancelling a DD?
Normally no time limit. Why do you wish to know this answer, as your DD is not even 3 years only. There are some practical problems if the time gap is many years.
3)IF i don't cancell the dd is the money will be bank's money?
Academic query. No need to answer.
4)after how much time the money will be bank's money?
Academic query. Need not be answered.
5)what is the time limit for cancelling a DD and get the money?
No time limit. Replied above already.
6)what is the procedure to get the money?
Simply go to the Branch of the Bank where you have purchased the DD, submit an application stating that you have utilized the DD and you do not require it any more hence you wish to get the DD Cancelled. Enclose the original DD and submit the application. The aplication should be signed by the same person who has signed the DD application while purchasing the same.
Rajendra K Goyal
(Expert) 25 June 2013
Normally any debt become time barred in three years. As per RBI guidelines, Banks destroys original vouchers after specific time. There exist other operational problems also.
SUNIL
(Querist) 27 June 2013
actually the DD I HAVE LOST.
the date of purchase also I have forgotten.
also I have forgotten the IN FAVOUR OF :
'It was in favour of an organisation that I have not remembered. that organisation name I have forgotten.
will the Bank inform me that the DD is unpaid ?
in the dd application there is phone number and addres of mine.
will bank contact me?
Rajendra K Goyal
(Expert) 27 June 2013
If the DD has been lost by you, your chances of getting the money are fake, specifically when you are not having the date of purchase or photocopy of the DD. The Bank will not inform about the non payment of the DD. It does not make difference your application form contains your address or phone no.
Your lien on DD is lost as soon as it is handed over to the payee. How Bank will inform the payee or you when it does not know who is owner presently.
However, we can follow the procedure laid down by Banks in such cases, first search the record and find out the details of the draft from the Bank. Request the Bank that the draft has been lost and has never handed over to the payee. Have Issued duplicate after submitting acceptable indemnity.
Mostly Banks does not pay by cancellation the duplicate draft, if the Bank is not cancelling the duplicate get the payment through payee.
prabhakar singh
(Expert) 27 June 2013
If you have forgotten everything why don't you forget the DD it self GENTLEMAN?
Why wasting so much time?
What Amount is involved.??
Or that too forgotten?
SUNIL
(Querist) 27 June 2013
actually it was a examination fee.
different organisation like railway recruitment board, IBPS and other organisations take recruitment examination fees in Demand draft.
actually the last date of sending the examination application form along with DD was over. for this reason I have not sent the DD to that organisation because last date of sending examination application was over. that DD was in my home. but somehow it has been lost now.
SUNIL
(Querist) 27 June 2013
it was 150 Rs. as an examination fees.
prabhakar singh
(Expert) 27 June 2013
@Mr.Rajendra K Goyal !
Banks do not deny payment on plea of time bar but if they are unable to trace DD voucher and unable to ascertain genuineness of man for whom DD was made,they would eventually deny and this gentleman would not be able to file suit if 03 years from last validity of payment(say 3yrs.plus 06 months
at then)date has already passed.
prabhakar singh
(Expert) 27 June 2013
Forget it now please.
You have really misused our free service.
Rajendra K Goyal
(Expert) 27 June 2013
Fully agree with your views Expert prabhakar singh ji.
malipeddi jaggarao
(Expert) 28 June 2013
I fully agree with Expert Prabhakar Singh. For a DD of Rs.150 the details which are not available with you, you should not used this forum. Even to go Bank and verify record, your travelling will be more than the DD amount. I sincerely appeal the members not to use this forum for this type of clarifications.
Rajendra K Goyal
(Expert) 28 June 2013
Agree with the expert Prabhakar singh ji and malipeddi jaggarao ji. Moreover, bank charges more than 100/- ( SBI Charges Rs. 102/-) for cancellation of the DD.
