Banking Special - Types of Cheque 1. Order Cheque: A cheque which is payable to a particular person or his order is called an order cheque. 2. Bearer Cheque: A cheque which is payable to a person whosoever bears, is called bearer cheque. 3. Blank Cheque: A cheque on which the drawer puts his signature and leaves all other columns blank is called a blank cheque. 4. Stale Cheque: The cheque which is More then 3 months old cheque is called stale cheque. 5. Multilated Cheque: If a cheque is torn into two or more pieces, it is termed as mutilated cheque. 6. Post Dated Cheque: If a cheque bears a date later than the date of issue, it is termed as post dated cheque. 7. Open Cheque: A cheque which has not been crossed is called an open cheque. Even if a cheque is crossed and subsequently the drawer has cancelled the crossing at the request of the payee and affixes his full signature with the words “crossing cancelled pay cash”, it becomes an open cheque. 8. Crossed Cheque: A cheque which carries too parallel transverse lines across the face of the cheque with or without the words “I and co”, is said to be crossed. 9. Gift Cheques: Gift cheques are used for offering presentations on occasions like birthday, weddings and such other situations. It is available in various denominations. 10. Traveller’s Cheques: It is an instrument issued by a bank for remittance of money from one place to another Notes that- ==> Cheques from 3 to 8 comes under 1 & 2, i.e. Order cheque & bearer cheque. ==> Except 9 & 10 are issued by customer. ==> Cheque Truncation System (CTS) or Image-based Clearing System (ICS), in India, is a project undertaken by the Reserve Bank of India – RBI, for faster clearing of cheques. CTS is basically an online image-based cheque clearing system where cheque images and Magnetic Ink Character Recognition (MICR) data are captured at the collecting bank branch and transmitted electronically. (For more about CTS - rbidocs.rbi.org.in/rdocs/content/pdfs/74751.pdf)
Posted on: Mon, 07 Oct 2013 00:58:55 +0000
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