#Order cheque book icici free

Bearer Cheque: It can be encashed by the bearer (person carrying/bearing the cheque) on presentation before the authorised bank.

#Order cheque book icici free

Get FREE Credit Report from Multiple Credit Bureaus The cash amount is to be paid to the person mentioned therein, or order, or the bearer.Its payment is always in cash or account transfer.The amount is always a certain sum of money in one’s account.A signature on the exchequer is a mandate and should be only done by the maker.It is always drawn on a particular bank.Sometimes, the drawer and the payee can be the same person, when the drawer writes a self-cheque. Endorsee – The party in whose favour, the right is transferred, is called endorsee.Endorser – When a party transfers his right to take the payment to another party, he/she is called an endorser.Payee– The beneficiary, i.e., to whom the amount is to be paid.Īpart from the above mentioned parties, there are two more parties to a cheque:.Drawee– The bank on which the cheque is drawn or who is directed to pay the specified sum written on the cheque.Drawer– The person who draws the cheque, i.e., signs and orders the bank to pay the sum.Under this mode of fund transfer, there are three parties involved in the on-track movement of money through a written paper source. Every bank cheque has a cheque number, MICR and IFSC code. It serves as a secure option since hard cash is not involved during the transfer process hence the fear of loss or theft is minimised.Ī cheque may be issued against a current account or a savings account. The cheque is utilised to make safe, secure, and convenient payments. A cheque is a financial document that orders a bank to pay a particular amount of money from a person’s account to another individual’s or company’s account in whose name the cheque has been made or issued.