Types of Cheques and its Important terms

Types of Cheques and its Important terms – Banking Awareness

Online Banking Classes - Types of Cheques and its Important terms : A cheque is a bill of exchange drawn by a customer of a bank on a specified bank & (c) not expressed to be payable otherwise than on demand. It includes an electronic image of a truncated cheque & also an electronic cheque.

AMOUNT OF A CHEQUE

Where the amount of a cheque differs in words&figures, as per Section 18, the amount written in words should be paid irrespective of the fact, which amount is less or more.

Types of Cheque

Bearer Cheque or open Cheque

When the words “or bearer” appearing on the face of the cheque are not canceled, the cheque is called a bearer cheque. The bearer cheque is payable to the person specified therein or to any other else who presents it to the bank for payment.

Order Cheque

When the word “bearer” appearing on the face of a cheque is canceled & when in its place the word “or order” is written on the face of the cheque, the cheque is called an order cheque. Such a cheque is payable to the person specified therein as the payee, or to anyone else to whom it is endorsed (transferred).

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