Bank cheque: Cheque is a written instrument that

Cheque is a written instrument that serves as a substitute for cash. It is a negotiable instrument, instructing the bank to pay a specific amount from the drawer's account to a designated payee. Bank Cheques : A Brief Description A cheque is considered to be an important piece of document or paper that verifies the orders to a bank to transfer certain amount from the bank account of an organization or an individual to specified bank account. The person who initiates or writes the cheque is known to be the Drawer and the person whose name will be written on the cheque is known to be the payee. A cheque consists of the amount of money that has to be transferred along with the date ... Bank Cheques Types: Usually banks issue cheque books to savings account holders. Cheques are issued by the bank to both current account holders and savings account holders. What is a Cheque ? A cheque is a written order instructing a bank to pay a specified sum of money from the drawer’s account to the payee named on the cheque . It is a negotiable instrument under the Negotiable Instruments Act, of 1881, meaning it can be transferred to others. The person writing the cheque , known as the drawer, must have sufficient funds in their account to cover the amount stated on the cheque . The bank , referred to as the drawee, is responsible for honouring the cheque and ...