What is meant by payable at par cheque?

Multi City Cheque or payable at par cheque is a cheque 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. The payment of MCCs at the home branch will have no restriction incase of limit on an amount of Cheques.

What is at par cheque in India?

An at par cheque is payable at any branch of the issuing bank, without any excess charges to the bearer of the cheque. In particular, cases were found where co-operative banks opened current accounts with commercial banks and issued a large number of at par cheques even to walk in customers.

What is Multicity cheque in SBI?

The form of cheque written directly by the customer that can be payable in each branch of that particular branch is a multi city cheque. It is only achieved in the case of the actual transaction. There are costs that are deducted from the account for issuing the cheque.

Is multi City cheque is CTS cheque?

The payment of existing Order Multi-city (payable at par) CTS-2010 standard cheques already issued to the customers will be allowed for cash payment at Home branches to the bearer of the cheques as per the endorsement of the drawer on the reverse of the cheque.

How do I encash at par cheque?

Related. To ensure better transparency and supervisory control over co-operative banks, RBI has tightened norms for utilising at par cheques issued by scheduled commercial banks (SCBs) to cooperative banks.

How does CTS cheque look?

2) All cheques carry standardised watermark called “CTS-INDIA” which can be seen when you held cheque against light. Each cheque will have atleast one full mark. Sample of the same will look like this. 3) VOID pantograph-Pantograph with hidden or embedded “COPY” or “VOID” will appear in the cheque.

Is CTS cheque mandatory?

The Reserve Bank of India (RBI) recently made it mandatory for all banks to implement Cheque Truncation System (CTS) in all their branches across the country by September 30, 2021.