What is the meaning of outstation cheque?

What is the meaning of outstation cheque?

Outstation cheques. Bank as a part of its normal banking operations, undertake collection of cheques deposited by their customers, some of which could also be drawn on non-local bank branches. Such cheques are called Outstation Cheques.

What is local cheque?

It means there is a bank account in the same city. The process for the local cheque is as follows: Day 1: Depositor puts local cheque in your bank account. Day 2: Your bank sends it to the clearing house of the Reserve Bank of India.

Can we deposit cheque in other state?

Can I deposit Cheque in any branch of SBI? Answer – Yes, you can deposit cheque in any branch of SBI in India. Just make sure that there are two sections in the dropbox- local cheques and outstation cheques. Drop the cheque in the correct compartment.

How many days does it take to clear an outstation cheque in HDFC?

If someone issues you a cheque, you can deposit it in your HDFC Bank account, and the money will be credited after the cheque is cleared (usually 2-3 working days).

How long does it take to clear an outstation cheque?

It takes a long time to get the outstation cheque to clear. In fact, to be precise it takes around 3-weeks for such types of cheques to clear. So, if you are residing in another state, and have to receive funds from another state, it is advised not to take such cheques, unless they are payable at par across the cities.

How long does it take for a cheque to clear in Malaysia?

Generally, local cheques would be cleared within 2-3 working days. The clearing period for outstation cheques may take 3-8 working days. However, you are advised to check with your bank as to the actual date the funds will be available.

What are the two types of cheque?

What are the types of cheques in India?

• Bearer Cheque. A bearer cheque is the type of cheque that allows the person bearing or carrying the cheque to the bank to receive the payment specified on the cheque.
• Order cheque.
• Crossed cheque.
• Open cheque.
• Post-dated cheque.
• Stale cheque.
• Traveller’s cheque.
• Self cheque.

How long do outstation cheques take to clear?

What is outstation cheque HDFC Bank?

Cheques drawn on bank branches at outstation centers will be collected using inter-branch arrangements in vogue. 1. Cheques drawn on Metro / Non-metro cities where HDFC Bank has a branch, credit will be given on receipt of clear funds. c) In all other centres where we have branches: maximum period of 14 working days.

How much time does an outstation cheque?

What is the maximum amount I can write a cheque for in India 2021?

As per the RBI guidelines issued last year, banks can enable this facility for all account holders for cheque amounts of Rs 50,000 and above at the discretion of the account holder. However, banks may consider making it mandatory for cheques of above Rs 5 lakh.

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