What does at par cheque mean?
payable at
An at par cheque is payable at any branch of the issuing bank, without any excess charges to the bearer of the cheque. “Since these banks don’t have strong KYC procedures, any walk-in customer could deposit money, procure a cheque from them and get it encashed at a larger bank branch, making it a legal transaction.
How do you know if a cheque is at par?
The last two digits at the bottom of a cheque are the transaction ID. It helps to know whether the cheque issued is a local or payable at par. A local cheque can be cashed only with the issuing bank and payable at par cheque can be cashed at any branch of the issuing bank.
Is bearer cheque legal?
Base branch or any other branch does not have any legal identity of its own other than the bank. 18. The impugned cheques are bearer cheques which are payable at par. Secondly, it is stated that liability under bearer cheques do not trigger liability under Section 138 of the NI Act.
Are at par meaning?
: at the same level or standard as (someone or something else) The new version of the software is on a par with the old one. His new book is on par with his best sellers.
What is meant by payable at in DD?
Demand Draft (DD) Forms Name of the drawee. Name of the city where the DD is payable. Amount payable to the drawee (in words) Amount payable to the drawee (in figures) Exchange (Fees charged by the bank)
Are CTS cheques payable at par?
All CBS enabled banks are hereby advised to issue only ‘payable at par’/ ‘multi-city’ CTS 2010 Standard cheques to all eligible customers,” RBI said in a notification today. It further said since such cheques (payable at par) are cleared as local cheques in clearing houses, customers should not be levied extra charges.
Which cheque is more secure?
The crossed cheque is more safe than other cheques as it cannot be encashed on the counter of the bank.
What is instrument type 31 in cheque?
a) Savings Bank Accounts (instrument type 31): *MCC may be issued without any legend/ ceiling, if so specifically requisitioned by the account holder, at the discretion of the Branch Manager.
What is the difference between on par and at par?
We say a golfer scores “at par”, because literally his numerical score is at a certain point, namely the number that is par. “On par” might work to, but it is not as correct to say a number is on another number, but it is correct to say a score is at a number. So at is better for numbers.
What was funding at par?
Funding at Par – This was an economic plan devised in 1790 by Hamilton in order to “bolster the nation’s credit” and strengthen the central government. It was a plan to exchange old bonds for new bonds at face value. This would take on the dents of all the states and reinforce faith in the government bonds.
Can DD be paid at any branch?
When you make a demand draft, the bank takes the money out of your account and pays it on demand to the beneficiary. You can walk into any HDFC Bank branch and make a demand draft by filling up an application form. You will have to pay charges to make a DD based on the amount of transaction.
What is’at-par cheques’and why is it used?
At par is used when this charge is already bear by the payer.. and so it can be used at any other state and the payee will get the exact amount stated in the cheque… Now after centralisation of the banking system.. this is almost vanished and all cheque are issued at par..
Where do you pay at par cheques in India?
At par cheques are paid at all branches of particular bank in clearing, or transfer and to some extent cash. If you have a at par cheque of Axis Bank of Delhi main branch , you can use at any where in India . This is due to computerisation , now almost all major banks issue at par cheques.
Can a multi city cheque be payable at par?
The provision of multi-city cheques also serve the same purpose. A par cheque is also called as multi city cheque, these cheques drawn by a customer of the Bank in favour of a person or an entity and is payable at par at all branches of the Bank.
How is an open cheque payable to the bearer?
All cheques are payable to bearer only and in the case of one open bearer cheque, the banker will never demand any proof from the bearer and by getting signature on the backside of the cheque they will make payment to the bearer. The bankers are well protected by NI act