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What is bankers cheque?

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0 2022-09-07T12:58:10+00:00
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Hey, There are a few different types of cheques given by the bank. These are given according to the customer’s account type. Bearer cheques and self cheque are a few of them. Now, you must be wondering what is bankers cheque. How is it any different from standard cheques issued by Indian banks? Calculate your loan EMI with a simple click. Check out NoBroker EMI calculator today! Want to check loan eligibility from the comfort of your home ? Check out NoBroker Home Loan services 

What is banker's cheque in India?

In simple terms, when you ask the bank to write a cheque for you, it is known as a banker’s cheque. It is also known as a banker's draft. In these cheques, we give the bank a fund and they give a cheque for the same amount. The banker’s cheque can be given to any person then. It is necessary to know bankers cheque meaning, as the cheque is guaranteed by the bank. It will not bounce because of a lack of funds.   The pay order is drawn on the bank's own funds. I know many who have used cheque for making real estate payments and educational payments. Now that you have an idea about bankers cheque means. Let me share its features.
  • The cheques are usually cleared in one day
  • It contains a watermark, and security thread.
  • The ink on the instrument is colour-shifting ink.
  • It includes the official name of the issuing bank
  • It is valid for 3 months from the date of issue.
  • It is legally valid
This is all from my end on what is bankers cheque. Read more : How much penalty for cheque bounce? How to withdraw cash from bearer cheque? What is order cheque? What is CTS cheque?

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Karishma

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