Question: What Are The Different Types Of Cheque?

How many types of Cheques are there?

Various cheque types are bearer cheque, order cheque, crossed cheque, account payee cheque, blank cheque, post dated cheque, open cheque, uncrossed cheque, self cheque, bankers cheque, cancelled cheque, stale cheque, mutilated cheque, gift cheque, traveller’s cheque.

Which one to use in which situation?.

What are the different types of crossing Cheques?

General Crossing – cheque bears across its face an addition of two parallel transverse lines. Special Crossing – cheque bears across its face an addition of the banker’s name. Restrictive Crossing – It directs the collecting banker that he needs to credit the amount of cheque only to the account of the payee.

What is a Cheque Class 11?

A cheque is a piece of document/paper which orders the bank to transfer money from the bank account of an individual or an Organisation to another bank account. The person who writes the cheque is called the “drawer” and the person in whose name the cheque has been issued is called the “payee”.

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.

What are the three types of checks?

Check features include the date, the payee line, the amount of the check, the payor’s endorsement, and a memo line. Types of checks include certified checks, cashier’s checks, and payroll checks, also called paychecks.

What is double crossing of Cheque?

(4) DOUBLE CROSSING – When a cheque bears two special crossing, is called Double Crossing. In this second bank act as agent of the first collecting banker. It is made when the banker in whose favour the cheque is crossed does not have branch where the cheque is paid.

What is the difference between open Cheque and crossed Cheque?

A crossed cheque is a cheque that has been marked to specify an instruction about the way it is to be redeemed. … An open cheque means the cheque can be deposited in the bank account only. A crossed cheque can only be cashed through a bank of which the payee of the cheque is a customer.

What is the fastest payment method in Canada?

contactless paymentsMeanwhile, online transfers and contactless payments have soared in popularity — they are the fastest-growing payment methods in Canada. They reached an estimated 120 million transactions in 2015, worth C$45 billion ($33.3 billion). In 2015, contactless payments grew by 70 percent in volume and value.

Which is fastest payment gateway Irctc?

Avoid Tatkal-exhausted trains; Go for netbanking Go for netbanking: Entering lengthy debit/credit card details can lead to unwanted wastage of time. That’s why, it is advisable to stick to netbanking as your payment method for Tatkal bookings, as it is the fastest mode of paying on IRCTC.

What do u mean by crossing of Cheque?

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 called banker’s Cheque?

A banker’s draft (also called a bank cheque, bank draft in Canada or, in the US, a teller’s check) is a cheque (or check) provided to a customer of a bank or acquired from a bank for remittance purposes, that is drawn by the bank, and drawn on another bank or payable through or at a bank.

What are the features of Cheque?

Features of a chequeA cheque should be in writing and properly signed by the drawer.A cheque contains an unconditional order.A cheque issued on a specified banker only.The amount specified is always certain and should be clearly mentioned both in figures and words.The payee of a cheque is always certain.More items…•

What is a self Cheque?

A self-cheque is drawn when the drawer wishes to withdraw money from the bank in cash for his use. This cheque can only be encashed in the account holder’s or the drawer’s bank. This cheque must be used carefully because if it is lost, another person may easily get it encashed by visiting the drawer’s bank.

Which is faster NEFT or RTGS?

Transaction speed: NEFT has fixed batch time slots and can take around 2 hours for the recipient to receive the funds, whereas RTGS and IMPS transfers take place in real time and are usually complete within minutes.

What do you mean by Cheque?

A cheque, or check (American English; see spelling differences), is a document that orders a bank to pay a specific amount of money from a person’s account to the person in whose name the cheque has been issued.

Which is the fastest mode of payment?

Real Time Gross Settlements or RTGS, as it is commonly called, is one of the electronic modes of money transfer from one bank account to another, like NEFT. It entails a continuous or real-time settlement of payments on an individual order basis, without netting.

What is a regular check called?

1. Cashier’s check, bank check, or official check. This secure payment used to make significant purchases might be called a cashier’s check, bank check, or official check, depending on the financial institution. … Usually a cashier’s check isn’t free, either.

What is the difference between cashiers check and bank check?

Cashier’s checks are signed by the bank while certified checks are signed by the consumer. Cashier’s checks and certified checks are both official checks issued by a bank. … The difference is that cashier’s checks are drawn on the bank’s account and certified checks are drawn on the check writer’s account.