Today I am going to make DD of 63k from my saving account in ICICI bank, But they said for above 50K amount, Cheque is mandatory even if you have an account.
I just want to know, why cheque is require as I already have my account in ICICI bank.
I understand that you have savings account and you are not going to have any cash transactions. However, to make sure that money transferred from savings account towards DD, it is mandatory for bank to get the cheque from you.
It is the rule fixed by RBI to avoid cash transactions. Hence, you have to adhere to it.
Thanks for your answer, But I was not done any cash transaction, I was used my Bank account (saving) for this transaction. In that case?