What is the use of multi City cheque?

What is the use of multi City 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 . For the issue of cheque there are charges that are debited from the account.

What is at par cheque means?

payable at
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.

Is CTS cheque multi City?

Issue of Multicity Cheques The bank has adopted the CTS 2010 standards for cheque issuance and accordingly all cheques issued now to all categories of customers are multicity and ‘payable at par’ at all branches of the Bank.

How does a bearer cheque work?

A bearer cheque can be used to be payable as Cash or bearer with a specific name. The bearer cheque does not have the word ‘bearer’ on the cheque. The cheque is payable over the counter to the bearer or the presenter of the cheque by the drawee bank. A bearer cheque can be transferred to another person.

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.

What are the different types of cheques?

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

• Bearer Cheque.
• Order Cheque.
• Crossed Cheque.
• Open cheque.
• Post-Dated Cheque.
• Stale Cheque.
• Traveller’s Cheque.
• Self Cheque.

What are the kinds 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.

Can cheque be deposited in any 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.

Which is the safest form of crossing in cheque?

The safest form of Crossed Cheque is ОА A. Double Crossing.

What are the three types of checks?

Types of checks include certified checks, cashier’s checks, and payroll checks, also called paychecks.

How do I cash a bearer cheque?

Bearer Cheque

1. Go to any branch (in the city) of the bank that the cheque belongs to.
2. Present it for clearance.
3. The bank teller, will verify the details on the cheque and clear it.
4. The cheque will be cleared then and there and you will get the cash.

Can I deposit cheque in different bank?

Is the multi city cheque payable at par?

Earlier banks were issuing multi-city cheques which were payable in a number of cities at par. However with the introduction of CBS all cheques of the same bank are payable at par at different centres.

Can a multi city cheque be used in SBI Bank?

In SBI Bank, can a Multi-City Cheque (MCC) be used to withdraw any amount of money from the account holder’s savings bank account at the home branch (branch where the account is maintained). Is this true or not till the date of 05/12/2017?

Can a cheque of the same bank be paid at par?

However with the introduction of CBS all cheques of the same bank are payable at par at different centres. As far as cheques of other banks are concerned it can also be paid at par provided the particular bank has a branch at the centre or participates in the National Automatic Clearing House (NACH).

When does a bank give you a normal cheque?

While the normal cheque is released on your request by the bank. They give the cheque, also referred to as the banker’s cheque, when you send the money to the bank.