Question

explain types of cheque.

Answer 1

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Bearer Cheque. A bearer cheque is the one in which the payment is made to the person bearing or carrying the cheque

Order Cheque

Crossed Cheque

Open cheque

Post-Dated Cheque

Stale Cheque

Traveller's Cheque

Self Cheque

Answer 2

1. Bearer Cheque

A bearer cheque is the one in which the payment is made to the person bearing or carrying the cheque. These cheques are transferable by delivery, that is, if you are carrying the cheque to the bank, you can be issued the payment to. The banks need no other authorisation from the issuer to be allowed to make the payment.

2. Order Cheque

In these cheques, the words ‘or bearer’ is cancelled. Such cheques can only be issued to the person whose name is mentioned on the cheque, and the bank will do its background check to authenticate the cheque bearer’s identity before releasing the payment.

3. Crossed Cheque

You may have observed cheques with two sloping parallel lines with the words ‘a/c payee’ written on the top left. That is a crossed cheque. The lines ensure that irrespective of who presents the cheque, the payment will only be made to the individual whose name is written on the cheque, in other words, the a/c payee along with his/her account number. These cheques are relatively safe because they can be encashed only at the drawee’s bank.

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