Just wanted to know more about this. Do people still use cheque books? If yes, why? Isnโt this like an old payment method? Would like to hear pros and cons on why would someone ask for a cheque book, what will you use it for, etc.
There are still few places (lic,insurance, stock brokerโฆetc) which need passbook or checkbook or account statement for account verification at some point.
Since jupiter didnโt have passbook option and i doubt the email statement will be valid , so checkbook is very much required. So better to have few leaves check. (In fact same, specially for neo banks)
(I went onboard yesterday and requested debit card and checkbook too for this sole reason. Hope will get that soon )
On Jupiter, max transaction limit is 5,00,000 so cheque is required to make a payment of value more than that.
Cheque leaf contains details like name, account number, ifsc and micr which acts as bank proof and can be submitted to various entities. Jupiterโs current statement does not contain these details, once it does, cheque wonโt be required for this purpose.
Ease of use - On app or net banking, one has to add beneficiary details and make sure that itโs correct, there is also waiting time before the beneficiary gets active; with cheque no such issue, mention name of the one making payment to, amount, sign and itโs done. Cheque clearing does take time but itโs simpler process compared to managing beneficiaries.