A cheque is an unconditional order addressed to a banker, signed by the person who has deposited money with a banker, requesting him to pay on demand a certain sum of money only to the order of the certain person or to the bearer of the instrument.
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Bankers Cheque:
The banker’s cheque is an instrument issued by the bank on behalf of a customer containing an order to pay a certain sum to a specified person within the city. The validity period of the Banker’s cheque is 3 months, however, it can be re-validated subject to some legal formalities.
- In Banker’s cheque, the chances of dishonour are not possible because it is always prepaid. It is always pre-printed with the words ‘not negotiable’ which means it cannot be further negotiated.
- Banker’s Cheque or Payment Order is a cheque issued for making payments within the same city.
- Banker’s cheque is valid up to 3 months from the date of issue.
- All banker’s cheques are pre-printed with “NOT NEGOTIABLE”.
- It can be cleared in any branch of the same city.
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