encashverb [ T ]
uk/ɪnˈkæʃ/usto exchange a cheque or a financial product such as a bond for money:
If you encash your investment before the end of the term, you pay a £30 administration fee.
encashment
noun [ C or U ]
The bonus will be paid on encashment of the bonds.
Early encashments will result in a lower rate of interest.