DIFFERENT TYPE OF CHEQUES IN INDIA

DIFFERENT TYPE OF CHEQUES ISSUED IN INDIA

How Many Cheque Types in India ? Answer Is Here...

A cheque is a payment instrument that is issued by a bank account holder for making payments to an individual or company and cash withdrawals from the bank. Apart from that, it also facilitates funds transfer to another bank account. For instance, you can make cash payment for a utility bill or you can do it by writing a cheque. The biggest benefit of a cheque is that it allows high value transactions which may become a bit cumbersome if hard cash was used instead.

 

 

 

The following details are necessary in a cheque :–

 

A cheque must be drawn upon a specified bank (Drawe).

A cheque must be signed by the person (Drawer) issuing the cheque.

A cheque must have the name of the recipient (Payee) of the cheque.

A cheque must mention the amount of money in words and figures.

A cheque must be dated.

Classification of Cheques:-

A cheque is one of the safest modes of making payment as there is an entry against the cheque honored by the bank that can be traced back if needed.

 

Based on the location, cheques are classified as: –

 

Local cheques:-

 

If issued by a bank in the same city as the payee.

 

 Outstation cheques:-

 

If a given city’s local cheque is presented elsewhere it becomes an outstation cheque and may attract some nominal but fixed banking charges.

 

 At par cheque:-

 

is a cheque which is accepted at par at all its branches across the country. Unlike local cheque it can be present across the country without attracting additional banking charges.

 

Based on its value, cheques are classified as: –

 

Normal Value cheques:-

 

Cheques below the amount of Rs. 1 lack are called normal value cheques.

 

High Value cheques:-

 

Cheque bearing an amount higher than Rs. 1 lack is a high value cheque.

 

Gift cheques:-

 

Cheques used for gifting money to loved ones are gift cheques. The value may vary from Rs. 100 to Rs. 10,000.

 

Cheques are mainly of four types:-

 

1) Open cheque:-

 

A cheque is called open when it is possible to get cash over the counter at the bank. The holder of an open cheque can receive payment over the counter at the bank, deposit the cheque in his own account or pass it to someone else by signing on the back of a cheque.

 

Easy Trick To Download YouTube Video Free...

 Three 3 Easy Stapes To Download Youtube Video

Step 1...   Select your video in youtube And Go to Video Link Baar

 

Step 2....Type double "SS" in To Link After "Dote" ( . ) And Before  "Y"  And Press "ENTER"

Then After Automatically New Tab Will Be Open...Like This......

Step 3..... Then Chose Your Category in What You Want To Download Video And Press "Download Video"

Want to Know Deeply ?....  Watch This Video..

For Any Query Or Question Write In Comment Box 

  ....SHARE THIS.....