What is cheque at par?

What is cheque at par?

An at par cheque is payable at any branch of the issuing bank, without any excess charges to the bearer of the cheque. “Since these banks don’t have strong KYC procedures, any walk-in customer could deposit money, procure a cheque from them and get it encashed at a larger bank branch, making it a legal transaction.

What is a bearer cheque?

Bearer Check: A bearer check does not have the word “bearer” canceled out. This means the check can be made payable to the bearer, i.e., payable to the person or company who presents it to the bank for encashment.

How many types of crossed Cheques are there?

The amount payable for the crossed cheque is transferred to the bank account of the payee. Types of cheque crossing are General Crossing, Special Crossing and Restrictive Crossing.

How do I know if my cheque is payable at par?

Multi City Cheque or payable at par cheque is a cheque drawn by a customer of the Bank in favour of a person or an entity and is payable at par at all branches of the Bank. 1) There will be no limit for payment of MCC at home branch.

What are Multicity cheques?

Multi-City Cheque (MCC): It is a cheque drawn by a customer of the Bank in favour of a person/entity named therein and is payable at par at all branches of the Bank, subject to detailed terms and conditions as under. In case of a Multi City Cheque, the term drawee would connote any branch of the Bank in India.

What is multi City cheque and normal cheque?

A Multi city cheque is the type of cheque which is written directly by the customer which can be payable in every branch of that particular branch . While the normal cheque is issued by the bank on your demand . when you give the money to the bank they issue .

What is order or bearer cheque?

An order cheque is one that can only be paid to a particular payee, who can only pass the cheque to another person by signing his or her name behind it. Whilst bearer cheque does not requires you not to cancel the printed words ‘bearer’ on the cheque, just to fill the amount you want withdrawn.

Which is the safest type of cheque?

A cross cheque is safer as compared to a bearer cheque as it is crossed i.e, has two parallel lines either on the whole cheque or top left which tells the banker that it cannot be encashed over the counter. It has to be directly deposited in the bank account of the person who’s name is written on the cheque.

What is the difference between ordinary cheque and Multicity cheque?

A Multi city cheque is the type of cheque which is written directly by the customer which can be payable in every branch of that particular branch . This is only done for the genuine transaction . While the normal cheque is issued by the bank on your demand . when you give the money to the bank they issue .

Can I deposit cheque in different bank?

You can deposit a cheque (even of your own account) in any bank to any other account(even to your own account) in any other bank. For multi city cheques payable at that centre there, in clearing, there is no charge. However nowadays you can better transfer the same by NEFT/IMPS.

What type of check is guaranteed?

Both cashier’s checks and certified checks are official checks that are guaranteed by a bank. Compared to personal checks, cashier’s checks and certified checks are generally viewed as more secure and less susceptible to fraud.

What is a multi city cheque?

What is the use of multi City cheque?

Bank issues Personalised Cheque book to all its customers which are payable at par at all branches of the Bank in India, called as Multi City Cheque. With the Multi City Cheque Book, you can withdraw funds by yourself as well as make payment to people in cities other than at city/town where you maintain an account.

Is self cheque a bearer cheque?

A cheque with or without the words bearer where the drawer and the payee are one and the same is a self cheque whereas those cheques which are payable to bearer and where the drawer and payee are different is a bearer cheque. A cheque where payee’s name is written “Self” may be called self cheque.

What are types of cheque?

Types of Cheques: Know What are the Different Types of Cheques

  • Bearer Cheque. A bearer cheque is the one in which the payment is made to the person bearing or carrying the cheque.
  • Order Cheque.
  • Crossed Cheque.
  • Open cheque.
  • Post-Dated Cheque.
  • Stale Cheque.
  • Traveller’s Cheque.
  • Self Cheque.

What is cheque cheque type?

There are various types of cheques that can be issued. Crossed Cheque. Account Payee Cheque. Stale Cheque. Post Dated Cheque.

Which is the not type of cheque?

Which of the following is not a type of cheque?

1) Crossed cheque
2) Blank cheque
3) Speed cheque
4) Bearer cheque
5) NULL

Can you go to the bank and get a check?

A teller or personal banker can print counter checks for you. They will have your account information on them, so they work just like regular checks. When you first open an account at a bank, you will probably be given several counter checks to get you started before your official checks arrive.