Blank signed cheques for loan

My Bank asked for 5 blank signed cheques without date, is it safe providing to get loan?

Can I cancel the given Cheques as I have the serial numbers of cheques

Is it legal to ask blank signed cheques without date by the banks?, Can we file a complaint if so?

Hi,

Earlier it was common practise for banks to ask for blank cheques for loans. But now, banks insist on post-dated cheques that are equal to the principal amount that you have borrowed. This is for security purposes, that is, in case you fail to pay your EMIs through auto debit, they will have a way of recovering the amount.

Handing out blank cheques is not very safe. Inform your bank that there are other banks who insist on only post-dated cheques for security purposes and not blank cheques. Check with them to see why they need it and how they will ensure its safety.

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Cheers,
BB Expert