Type of Cheque

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RAMSANKAR MISHRA (Querist)
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10 May 2009 Can anyone give me the details regarding the various type of cheques used in business transaction with a bank. Like account payee cheque, bearer cheque, cross cheque etc. I want to know what the different use of these type of cheque and where one can use these one and speciality of each of them.

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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12 May 2009 Account Payee Cheque- Cheque can be deposited in the A/c named in the cheque.
Cash can not be withdrawn.
Bearer Cheque: Who ever is having the cheque can withdraw cash from the bank.

Cross Cheque: In such cheques generally amt is written but name of the payee may or may not be mentioned. In case name is written, on the back side of the chq that person endorses in favour of third person . In such a case cross chq can be deposited in the third person's bank a/c
Cancelled Chq : If chq doesn;t remains usable it is cancelled.
It is also taken by stock brokers for opening a demat account for obtaining your bank details. Like MICR No. A/c No etc
Blank Cheque: It is generally given to reputed educational institutions for getting admission of their children by the richmen.

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