DD issued from ICICI expired but not presented to bank since 8 years

[Esmail]

I received a mail from ICICI saying that a DD that I had issued in Feb 2016 favouring LG electronics has not been presented to them for payment. The DD was drawn through funds from my savings account and I am able to see the transaction in my statement for Feb 2016. Now they have asked me to present the original DD at the Bank branch for either cancellation or reissue. But since it's been 8 years from the date of issue, I don't even remember whom I had given the DD to, so having it in physical form is out of question.
I visited the branch and they say that if physical DD isn't present than I need to get a NOC from the beneficiary (whom I don't remember and thus can't contact) on their letter head and an indemnity bond from my end on a ₹500 stamp paper to get it reissued or cancelled. The value of the DD was ₹8328 and the bank has asked me to act on it within the month of August itself.
I asked if I choose to not act on it, will it get automatically cancelled and release the funds back into my account? They said that it will remain unclaimed indefinitely.
Has anyone faced a similar issue? How did you resolve it?

 

[Channakya]

Get into Contact with LG Electronics head office / store of you concerned city , then explain the same to the financial team , they would help you with it .

 

[wuodland]

Now they have asked me to present the original DD at the Bank branch for either cancellation or reissue.

This is why I always keep a pic of any cheque or DD I deposit into my bank.

 

[RAMESH BABU N]

This is why I always keep a pic of any cheque or DD I deposit into my bank.

What's the use ? They never consider photocopies.

 

[RAMESH BABU N]

I received a mail from ICICI saying that a DD that I had issued in Feb 2016 favouring LG electronics has not been presented to them for payment. The DD was drawn through funds from my savings account and I am able to see the transaction in my statement for Feb 2016. Now they have asked me to present the original DD at the Bank branch for either cancellation or reissue. But since it's been 8 years from the date of issue, I don't even remember whom I had given the DD to, so having it in physical form is out of question.
I visited the branch and they say that if physical DD isn't present than I need to get a NOC from the beneficiary (whom I don't remember and thus can't contact) on their letter head and an indemnity bond from my end on a ₹500 stamp paper to get it reissued or cancelled. The value of the DD was ₹8328 and the bank has asked me to act on it within the month of August itself.
I asked if I choose to not act on it, will it get automatically cancelled and release the funds back into my account? They said that it will remain unclaimed indefinitely.
Has anyone faced a similar issue? How did you resolve it?

Give a Notorized Indemnity Bond and claim back the funds.

No need to contact the payee. It appears that those so-called bankers do not know the NI Act. They certainly did not pass JAIIB n CAIIB - it is evident.

It is an instrument purchased from the bank by you for some settlement (product or service). Since that did not happen, you are asking for cancellation.

Since you are not having the physical instrument, you need to give this Indemnity bond. Give that along with proof from your bank statement.

 

[cardy]

Give a Notorized Indemnity Bond and claim back the funds.

No need to contact the payee. It appears that those so-called bankers do not know the NI Act. They certainly did not pass JAIIB n CAIIB - it is evident.

It is an instrument purchased from the bank by you for some settlement (product or service). Since that did not happen, you are asking for cancellation.

Since you are not having the physical instrument, you need to give this Indemnity bond. Give that along with proof from your bank statement.

Piece of solid advice from an duly experienced banker. Thank you.