Due to the phrase "bearer" being placed on the cheque, if you misplace one, the finder may simply go and issue it. This check's characteristics are the same as all others that are drawn on someone's or something's behalf. So let me guide you about the bearer cheque withdrawal rules.
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A bearer cheque is particularly unsafe because the payee's name is not printed on it, particularly if it is misplaced. This kind of cheque is readily mishandled. The Reserve Bank of India has established some extremely strict regulations due to the ease with which bearer cheques can be cashed. The guidelines for cashing out on a bearer cheque are as follows:
If someone presents the bank with a bearer cheque for Rs. 50,000, they are required to confirm the person's identification and request confirmation of address. The bank is within its rights to verify the information first before paying the recipient.
A bank has the right to request that the account holder, or the person who wrote the particular cheque, come in person if it discovers something is wrong.
If a bearer cheques value exceeds 50,000, a Know Your Customer (KYC) verification procedure is required.
The bank manager can step in if they mistrust the person who is holding the cheque, who could frequently demand quick money delivery.
The account holder could be contacted by the bank manager, who can also explain the problem.
The bank manager instructs the relevant bank staff to complete the bearer cheque if the account holder approves permission.
Now you know how to withdraw cash from bearer cheque.
Is any bank capable of cashing a bearer cheque?
Any branch of the bank is capable of cashing a bearer cheque. The cash value specified on the cheque will not be withheld from the bearer. A photocopy of the bearer cheque is sent to the bank's main branch by the branch that receives it. The holder of the cheque receives payment when the main branch verifies it.
This is all I wanted you to know about the bearer cheque withdrawal rules.
Read More: How to do RTGS without cheque? How to write a cheque for self? What is a CTS cheque? What is a non-CTS cheque?Your Feedback Matters! How was this Answer?
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Authors Of The Question
How to withdraw cash from bearer cheque?
Aryan
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2 Year
2022-08-30T18:11:14+00:00 2022-08-30T18:11:15+00:00Comment
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