Answers » Categories » Banking

What is a cheque?

meaning of cheque and its type - cross cheque , demand draft


0
1 Report

1 Answer
0 
A cheque or check is a financial instrument drawn against funds deposited on a bank account. The check orders a payment of money to a specific person upon demand.

A crossed cheque can only be paid into the bank account of the person whose name is on it.

A demand draft is a broader category, it refers to any written order requesting payment to a third party. Demand drafts are payable on sight. A check is a demand draft drawn on a bank.
Jul 7th, 2011 at 9:34 AM
Reply

Answer this question

by Anonymous - Already have an account? Login now!
Your Name:

Your Answer:
Source(s): (optional)

Enter the text you see in the image below
What do you see?
Can't read the image? View a new one.
Your answer will appear after being approved.

Ask your own question

Ask a Question

Categories