Banking Exam Question - What is Cheque in Banks? Explain it's Types?

Introduction - What is Cheque in Banks? Explain it's Types

The cheque piece given to the concerned bank that the depositor has to pay the fixed amount to the appointed person himself is called a check. The check is currently important in the prevailing credentials. The paper is the checkpoints given by the bank as any of its banks, as per the requirement that the account holders do not have to raise the amount they have collected. The check is a written letter in which the correct amount of payment, the payee name, the amount, the date and account number mentioned in the correct form should be mentioned otherwise the check will be changed.

Types of Cheque

Usually in common checks: Bearer cheque, order cheque and Crossed cheque are 3 types.

(A) bearer cheque

Any person who enrolls check on the bank is written in writing for the payment mentioned in the check. Such checks are called carrier checks.

It is used in business areas.

This check will be transferable.

(B) Order Cheque

The checks written by the person mentioned in the check, only receiving a payment, is called a check check.

If the transfer is to be signed, the account holder should sign in front of the check.

(C) Crossed Cheque

The checks mentioned in the check, written in the account of the person ordered without cash payment, are called a check-in check.