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What is a cheque?
A cheque is a negotiable instrument that can be issued by one person to pay money to another person/entity. The person to whom the cheque is issued is entitled to receive the sum mentioned in the cheque (provided the account has sufficient balance) from the bank where the cheque issuer holds his account.
You had lost your sbi cheque book what you have to do immediately?
Notify the bank to either close the account of place a stop payment.
What is the clearing code of TD Canada Trust Bank?
It is 004 (for paper transfer) or 0004 (for e transfer) + your bank branch's transit number (5 digits, the 2nd number on your cheque)
What is prefix on sbi cheque?
What is prefix in cheque means
If one have deposited a cheque on last Friday of ICICI in his SBI account how many days it will take to clear?
it will credit on monday night after 8.PM
How much time it will take for an SBI savings account for the cheque which is in the name of the account holder but different bank and also outstation?
20-25 days!
What are the check bouncing charges of the Vaish Cooperative Adarsh Bank Limited?
cheque bouncing charges are Rs.100/- for each inward and outward clearing. In case of secured loan - cheque bouncing charges are Rs.125/- & for personal loan - cheque bouncing charges are Rs.50/-.
What is clg in banking?
CLG is a commonly used acronym in the banking industry which refers to "Clearing". It is a term which is used to signify that a bank is processing a financial instrument for payment. For ex: If you deposit a cheque in your bank account, it will be sent for "Clearing" to the cheque issuer bank and once the issuer bank processes it and sends the money, your bank will credit the money into your account. In the time between you depositing the cheque and receiving the money, the cheque is said to be in "Clearing" status.
What is the process of clearing the cheque?
The process of clearing the cheque involves transfer of funds between banks using centralized check clearing houses.
What is outward clearing check?
Cheques deposited in the bank for credit to their accounts, drawn on a bank other than that of the collecting bank,i.e., not a transfer cheque. Cheques are bound outward to the payee/ drawee bank (the bank that is making the payment/ on whom the cheque is drawn). Example: A cheque drawn on "Bank of America" deposited in "Chase Manhattan Bank ", is an outward cheque for Chase and is an inward cheque for Bank of America.Outward cheques could beLocal cheques (within the same geographical/ clearing zone),Outstation cheques (drawn on a bank outside the local clearing zone) orForeign cheques (drawn on a bank/ location outside the country of the collecting bank).
What is deposit not yet?
A cheque which received from customers and deposited to the company account and gone through clearing system and not yet credited to the company bank account
What is difference between return inward and return outward?
Inward return is directly proportional to the outward clearing where funds crediting into customers account i.e;inflow of funds into customers account and cheque return due to reason for eg insufficient funds or say cheque stopped by the drawer etc.... Outward return is directly proportional to the inward clearing where funds are debiting from the drawee or payee account i.e;outflow of funds from customers account and cheque return due to reason insufficient funds or say cheque stopped etc....
What is multicity cheques?
Usually Cheques issued by banks have a city associated with them. For ex: if I give you a cheque from my bank account in Chennai, India, and you want to deposit it in your account in Delhi, India, it is an outstation cheque and your bank will charge you a fee for cashing that cheque. Usually around Rs. 50/- If my bank has given me a multicity cheque - it means that when you deposit it in Delhi, your bank will not charge you this cheque cashing fee because my check is the same irrespective of which city in India it is cashed.
How much time to clear a outstation cheque by state bank of India?
three to four days
How many days a cheque convert into the cash?
You have six months from the date of cheque to convert a cheque into cash. The date of the cheque is the date shown on the face of the cheque. After six months of time, the cheque becomes a "Stale cheque".If you present the cheque to a paying bank within six month period you can collect the cash in following ways.1. If the cheque's account is a account of paying bank: You can en cash the cheque on same day.2. If the cheque's account is not a account of paying bank: Depending on the clearing speed of the banking system you may get money on same day/ tomorrow/ or day after tomorrow.Please refer related questions to understand the cheque handling process in Banks.
What is the cheque bounce charges of HDFC?
cheque bouncing charges for HDFC are dependent on the type of account you may have, they may vary from INR100 to INR750, the best way to confirm the same for your account is to call the bank and ask them to answer it for you. One thing you always get for Free : An Advice
What is deposit not yet credited?
A cheque which received from customers and deposited to the company account and gone through clearing system and not yet credited to the company bank account
