What is difference between Multicity cheque and normal cheque?

A Multi city cheque is the type of cheque which is written directly by the customer which can be payable in every branch of that particular branch . While the normal cheque is issued by the bank on your demand . when you give the money to the bank they issue .

What does payable at par at all branches?

when a cheque of a bank branch was issued and submitted to another state for encash, there was a charge from payable amount… At par is used when this charge is already bear by the payer.. and so it can be used at any other state and the payee will get the exact amount stated in the cheque…

What is the advantage of multi City cheque?

With the Multi City Cheque Book, you can withdraw funds by yourself as well as make payment to people in cities other than at city/town where you maintain an account. Benefits: Withdraw cash from any of our branches across India upto Rs. 1.00 lac per day.

What are the different types of cheques?

There are mainly ten types of cheques in India that you should know about.

• Open cheque. An open cheque does not have the crossed lines, and hence, is also called an uncrossed cheque.
• Post-dated cheque.
• Stale cheque.
• Traveller’s cheque.
• Self cheque.
• Banker’s cheque.
• Blank cheque.

What is an at par cheque?

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 are Multicity cheques?

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.

What is an 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 payable at par cheque?

The words “payable at par at all CBS branches” printed on top of the multi city cheques means. that it is payable at par for the third party payee/beneficiary of the cheque. For Multi City Cheque accounts, all charges will be debited to Drawer’s account only.

What does PAR mean in banking?

The term at par means at face value. A bond, preferred stock, or other debt instruments may trade at par, below par, or above par. Par value is static, unlike market value, which fluctuates with market demand and interest rate fluctuations. The par value is assigned at the time the security is issued.