Town and out-of-town cheques: where are both payable?
Which cheque is payable at the center of the bank?
Open cheque
This cheque can be encashed at any bank, and the payment can be made to the person bearing the cheque. This cheque is transferable from the original payee (the original recipient of the payment) to another payee too.
Where crossed cheque is deposited?
A crossed check is any check that is crossed with two parallel lines, either across the whole check or through the top left-hand corner of the check. This double-line notation signifies that the check may only be deposited directly into a bank account.
What is local cheque and outstation cheque?
An outstation cheque is one drawn on a branch of a bank situated beyond the local clearing area. In the case of the local cheque the clearing process may take a maximum of three days and in case of an outstation cheque it may take around fifteen days. Related questions (More answers below)
Is cheque payable at all branches?
Reserve Bank of India has laid down CTS 2010 Standards for issuance of Cheques. With the advent of Core Banking Solution, the Cheques have been made payable at all the branches of the Bank. “Accordingly, MCC payable at Par, CTS-2010 Standard Compliant Cheques are being issued by the Bank”.
What are the two types of cheques?
The ten types of cheques include:
- Bearer Cheque. A bearer cheque is the type of cheque that allows the person bearing or carrying the cheque to the bank to receive the payment specified on the cheque. …
- Order cheque. …
- Crossed cheque. …
- Open cheque. …
- Post-dated cheque. …
- Stale cheque. …
- Traveller’s cheque. …
- Self cheque.
What is cheque payable details?
If a cheque or postal order is made payable to you, it has your name written on it to indicate that you are the person who will receive the money.
Can crossed cheque be deposited in any bank?
As mentioned earlier, the general crossing of cheques means including some words in between the two lines drawn which symbolizes a crossed cheque. This depicts that the bank on which it is drawn shall not permit the amount of payment in any other banks. Hence, the payment can be made only in the collecting bank.
What is the difference between account payee cheque and crossed cheque?
To write an account payee cheque, you have to cross two lines on the left corner of the cheque and write “A/C payee only” between the two lines. Remember, if you simply cross the cheque and do not mention the words “account payee”, it will become a crossed cheque and not an account payee cheque.
How do I fill a crossed cheque?
After filling the particulars in the cheque with the signature just cross(//) on the left top corner of the cheque mentioning either “account pay” or “crossed” between the lines. ‘Crossing’ a cheque means drawing two parallel lines on the face of a cheque, after filling a cheque with the details.
Can I deposit cheque in any city?
Banker’s cheques are issued only for the clearing area of the respective bank. It can be cleared in any branch of the same bank and city as it comes under the local jurisdiction.
Can I deposit account payee cheque in any branch?
Therefore, anyone can encash the Bearer Cheque over the counter. But, as aforesaid Account Payee Cheque can not be encashed through the counter. You have to deposit it in your bank.
Can I withdraw money from cheque from any branch?
You can: Go to any branch in the city of the bank that the cheque belongs to and. Present it for clearance. The bank teller, will verify the details on the cheque and clear it -The cheque will be cleared then and there and you will get the cash.
What is the maximum amount of cheque?
As per the RBI guidelines issued last year, banks can enable this facility for all account holders for cheque amounts of Rs 50,000 and above at the discretion of the account holder. However, banks may consider making it mandatory for cheques of above Rs 5 lakh.
What is the difference between bankers cheque and normal cheque?
2) Cheque is issued by customer (individual/company), whereas Banker’s Cheque/Demand draft is issued by bank. 3) A Cheque is drawn by an account holder of a bank, whereas banker’s cheque is drawn by one branch of a bank on another branch of same bank.