Indian Cheque Type
Let's We Fully Details fo Type of Cheque with Fully Analysis.
Type of Cheque
1.Blank Cheque
Means Not have any type of Amount and Party Name to Give, Just Give as a Security.
2. Order Cheque / Bearer Cheque
Many Cheques can only be issued to the person whose name is mentioned on the cheque, the bank will do its background check to authenticate the cheque bearer’s identity proof before releasing the payment on the counter.
3. Post-Dated Cheque
These types of cheques Give to Writing Date of Future. if the bearer issue this cheque to the bank quickly after getting it, the bank will only process the payment as on the date mentioned in the cheque. if not date come or past its stop or return cheque This cheque stands valid past the mentioned date, but not before the date clearing cheque.
4. Stale Cheque
A cheque past its validity means three months after the date of a type issued, which is called a stale cheque.
5. Bearer Cheque
The one in which the payment is made to the person bearing or carrying the cheque which on hand. These cheques are movable by delivery, that is, if you are carrying the cheque to the bank, you can be issued the payment to. When you see the words ‘Bearerr’. The banks need no other authorisation from the issuer to be allowed to make the Clearing.
6. Banker’s Cheque
Bank issues these cheques on behalf of an account holder to make a Transfer to another person in the same city Transaction. Here the specified amount is debited from the account of the customers, and then, the cheque is issued by the bank. the Reason banker’s Cheques are called non-negotiable instruments [Mensa No Transfer] as there is no room for banks to dishonour these cheques. They are valid for three months.
7. Crossed Cheque
You may cross line left-hand side upper ‘a/c payee’ written on the top left. That is a crossed cheque.
8. Open cheque
An open cheque is basically an uncrossed cheque. This cheque can be encashed at any bank, and the amount can be made to the person bearing the cheque. This cheque is movable from the original payee (the original recipient of the payment) to a different payee too. The issuer needs to put his sign on both the face and rearof the cheque.
9. Traveller’s Cheque
Foreigners on vacations carry traveller’s cheques instead of cash, which can be cumbersome. These cheques are issued to them by one bank and can be encashed in the form of currency at a bank located in another location or country or city. Traveller’s cheques do not expire and can be used for future trips at any time.
10. Self Cheque
You can know self cheques by the word ‘self’ written in the drawee column. Self cheques can only be drawn at the Issue by bank. not others can use
What is MICR? Let's Know Full Analysis.
MICR Magnetic Ink Character Recognition technology code is a code printed on cheques. This enables the KYCknow right Personal of the cheques and which in turns means faster processing of clearing.
A MICR code is a Nine Numerical code that uniquely identifies the bank and Branch participating in an Electronic Clearing System called ECS System.
It comprises of 3 parts:
The first three digits represent the City Code They are aligned with the PIN code. The PIN code we use for postal Pin addresses in India.
The Next 3 digits represent the bank Code
The Remaining Last 3 Digits represent the branch Code Identify.