Types of Cheques - Hindi - YouTube

Subscribe to the Asset Yogi channel and press the bell icon

Be the first to watch the latest finance videos.

Music

Namaskar my name is Mukul and welcome to asset Yogi

Where we unlock the finance knowledge

In this video, we will see how many types of cheques are there?

I already made a video about how we should fill cheque.

How can we avoid fraud?

so if you have not seen the video of how to fill a cheque

So definitely take a look at it because there are many such things in it which we often neglect.

And sometimes we don't remember.

In this video, we will see how many types of cheques are there

whether it is a bearer cheque, order cheque, account payee cheque,

Crossed cheque, Post-dated cheque, or a Blank cheque

We will talk about all the types of cheques.

And see what kind of cheque is used in which situation

So you must watch this video from beginning to end.

So let's go straight to the blackboard.

So in this video, we will see all types of cheques

First, understand what is cheque

A cheque is an order that you give to your bank

that the amount you will write in the cheque

Pay it to that payee whose name will appear here.

So here the name of the payee is written.

Here the amount is written.

Here the amount is written in figures.

The date is written and here you sign.

So if you have issued a cheque to someone

So the bank will have to transfer that much money to him.

It is a negotiable financial instrument.

If nothing is indicated on the cheque, then the cheque is negotiable.

This means the cheque can be transferred to a third party

The third-party means the one whose name is not here

It can be transferred to another third party other than this

Whose name is written here can endorse it.

He can sign here on top of the cheque.

And he can write the name in whose name that cheque can be transferred.

So keep in mind that a cheque is a negotiable instrument.

If there is no indication of it.

Now let us see what kind of indications they are.

There are different types of cheques.

So first of all let's see what is bearer cheque

Bearer cheque can be encashed by the named person

Suppose a cheque of Rs 7,000 is given in the name of Amit Kumar on 26 April 2018

Now look, the thing to note here is that.

"or bearer" is written here.

So it means either Amit Kumar can encash it.

or whoever represents this cheque,

Meaning whoever is the bearer, holder, or presenter of this cheque can get this money.

So this can also be negotiated.

this can pass to another person by mere delivery

If this cheque is handover to anyone or if someone finds this cheque anywhere

If the "or bearer" has not been cut, then anyone can encash it.

It does not require an endorsement.

Amit Kumar doesn't even need to sing on it.

So anyone can encash this bearer cheque

There is no requirement of identification in bearer cheque

But if it is a huge substantial amount in lakhs or crores,

So in general banks ask for identification.

That's why it is very risky.

Because anyone can present bearer cheque

Anyone can withdraw money.

So before giving bearer cheque you should think

Now let's see what is order cheque

Order cheque is given to a particular person or entity

Either the cheque is made in the name of a person or

in the name of a particular company, then only they will get the money.

Let's say there is a cheque with "or bearer".

If you strike it off to the holder.

So this becomes an order cheque

And there is some cheque on which the order is written here. -"On order"

So we also call that a order cheque

If you cut or bearer in bearer cheque then it also becomes order cheque.

So in this the payee

Suppose Amit Kumar can transfer it to someone else

So it is negotiable.

Like bearer cheque, this is also negotiable.

It becomes negotiable only by delivery

There will be an endorsement, Amit Kumar will have to sign here.

And only then it will become negotiable after being endorsed and transferred to a third party.

And banks generally ask for the identification.

Before making payment on order check

Identification has to be shown.

Amit Kumar will have to show his identification

Let's look at Cross Cheque and Account Payee Cheque.

Consider it carefully.

Cross cheque account payee cheque is very important.

And there is a difference between these two also.

Many people think that cross-cheque and account payee cheque are the same

but it is not so. There's a minor difference I'll tell you

The first thing you have to keep in mind is

Cash payment cannot be done in this to the payee.

So if you crossed it like this.

This means that Amit Kumar will get the payment but it will be in the bank account.

or any bank account,

Whether it is Amit Kumar or anyone else.

So the cross means that it can go only in the account.

This money can be encashed.

Whatever the payment is, it will be only done in the bank account,

we have talked about it.

Now see a little difference,

What is meant by general crossing?

This means that the money will go into an account only.

This means either the money will go to Amit Kumar's account.

Or if Amit Kumar endorses someone's cheque here

Writes the name of someone i.e X Y Z

So money can also go to the account of X Y Z.

So it is called General Crossing.

Then there is an account payee crossing.

So in the account payee crossing

First, let's remove this name from here.

So in the account payee crossing, you will write the account payee inside the cross lines.

And account payee means money will transfer only in Amit Kumar's account.

Now Amit Kumar cannot transfer it.

Account payee crossing means it is non-negotiable.

He cannot transfer to anyone.

Then there is a special crossing.

Now we just remove the crossing cheque and the account payee.

In a special crossing, money goes to the said bank.

Money will go to Amit Kumar's account but it will go in some said bank

So in this way for example cross here and you can write ICICI bank.

So it means money will go to any ICICI account only.

But if you cross like this then it could be Amit Kumar's ICICI bank account

Or it could be someone else's ICICI Bank account.

If Amit Kumar endorses in his name.

Suppose Amit Kumar endorses this.

and writes the name of X Y Z,

So the money will go in the ICICI bank account of XYZ.

So these are cross cheque and account payee cheque

Now let's talk about open or uncrossed cheque

So the cheque which is not crossed, we call it uncrossed cheque or open cheque

So cash payment can also be done in it.

Or it can also be transferred in the account of Amit Kumar or someone else.

So it can be a bearer cheque and it can also be an order cheque

It is also negotiable

Amit Kumar can transfer to anyone else by endorsing

So even an open cheque is quite risky.

So you should do its risk assessment,

Open cheque is generally used when you want to keep everything open.

So Amit Kumar has complete liberty as to how he wants to use that cheque

Let's move on.

Now let's talk about blank cheque

You just sign a blank cheque.

And you don't mention the amount mainly.

So you will not mention the amount in figure.

And you may or may not mention the name of the payee.

You can mention the date if you want.

Then you can also make this account payee,

If you want, you can also cross the cheque and make it account payee.

So a blank cheque means that you are not filling the amount

To whomever you are giving the cheque, he can fill the amount according to his own.

So here too it becomes a very risky affair.

Any amount can be withdrawn from your account.

So here you should take a look at the trust factor

Give a blank cheque only to someone you trust.

But in some cases, Like banks ask you for blank cheques as security

So, in that case, you can assign the limit

Suppose if you are giving to a bank, So you assign the maximum limit here.

So here you will write the maximum limit.

For example, if you have taken a loan of 15 lakhs.

So you will mention an amount of Rs 15,00,000 rupees here

So more than 15 lakh amount will never withdraw from this cheque.

Let's go ahead now let's see the post-dated cheque

Post dated cheque means

when you want to transfer money at any later date

Suppose today is 26th April 2018.

And you want to transfer some money on 5th May

So you can write the date of May 5, 2018, here.

In many cases, it is possible that on today's date your account balance is insufficient

Maybe the salary will come on May 1.

So you can also make your rent payment

You may need to make a loan repayment

Suppose you have given a post-dated cheque to a bank

so that payment can be done

So whenever you want to make any payment in the future date

So you can issue a post-dated cheque

And the bank will not release the money before the date of issue

So in this case the money will not be released before May 5.

Now it comes to self cheque

Self cheque is an issue when you want to withdraw cash from your account

So write the date, when you want to withdraw money

Write self here and put a line like this

And write the amount you want to withdraw

And keep one thing in mind Don't cross

Otherwise, you could not withdraw the cash

And don't cancel the bearer either.

So you can withdraw cash

Or someone else can withdraw the cash on your behalf

Suppose you wrote self on this and did not cancel the or bearer either.

So suppose if you give this cheque to your representative

then he can also withdraw money from this cheque on your behalf

Now let's see what is a banker's cheque

The bank issues a banker's cheque So if you haven't issued

I have taken my cheque for example, assume that

I am the representative of the bank And I have signed it on behalf of the bank.

So a cheque will be issued from Axis Bank. We call it a banker's cheque.

So it could be on his behalf, or it could be on the behalf of the customer.

Now suppose a customer has to pay the fees of any institution or college.

There you get the option of a banker's cheque or draft.

See bankers cheque and draft are not the same

Demand draft and banker's cheque are different

But it has many similarities.

Let's see, So in banker's cheque

Axis bank has issued this cheque In the name of Amit Kumar

This cheque of Rs 20,000 has been issued.

So it has some advantages

This type of cheque will not bounce due to a lack of funds

Any institution instigates bankers' cheques because

If there is an individual if there will be an insufficient balance in his bank.

So that cheque may bounce too

So here that protection is available.

and it is non-negotiable

The money goes to the account whose name is written.

And it is payable in the same city.

Meaning if it is issued in Delhi then it will be payable in Delhi itself.

Then it is valid for 3 months, like other cheques, it is valid for 3 months only.

Now let's see its example

Suppose if the bank is issuing a cheque on its behalf.

Suppose there is a branch of Axis Bank in Chennai and it is rented.

They will also have to make a lot of payments, they will pay their rent.

Will pay electricity charges, So that money will go from Axis Bank account

Here, suppose some maturity amount has to be paid, suppose someone has an FD.

So its payment is also done by banker's cheque.

Then we have already discussed on behalf of the customer

If someone has to pay college fees then you can issue a bankers cheque

And banker's cheque will be issued only against any security or cash

Now let's see the cancelled cheque.

If you have to give details to someone

If you have to give bank details, account number or you have to give IFSC Code.

So you get all these details from cheque

So by cancelling in this way,

you can give this cheque to someone.

Or if you have made any mistake.

you can cancel that too.

So it can be used for providing bank details

Or if there are any errors so you can cancel that cheque

Then comes the stale check,

Stale means bad.

Bad means a check remains valid for 3 months.

Suppose if a cheque is issued on 25 January 2018

So it will be valid till 24th April 2018.

If 26th April is today's date then it means that it has expired.

it means it's stale

Money cannot be withdrawn on this, money will not be transferred from this.

Because every bank cheque has a validity of only 3 months.

No payment of any kind will be made after the expiry period.

This is a stale cheque

Now let's talk about mutilated cheque

Mutilated cheque means damaged cheque

Damage means that the cheque is torn or crushed or soiled

or else the cheque has been washed by you.

So see here I have shown the example.

The most important thing is the MICR code.

it scans the cheque, it Checks its validation and authentication

If the MICR code gets damaged,

so the money doesn't withdraw or transfer on that check

And if the MICR code and other details are clear

Let's say if the cheque has slightly folded

So payment can be made on that.

But not without confirmation from the drawer

The bank will first take the confirmation of the person who has issued the cheque

After that, the bank can encash it.

Now let's talk about gift check

you have ever seen that gift cheque is received at cricket prices

or on very large occasions big cheques are issued.

The cheque is issued in big sizes

So they are pre-printed cheques

Or sometimes they are decorative cheques also

If you want to gift someone on a birthday or want to gift someone on a wedding

Or want to give prize money.

So you can get this type of gift cheque issued from any bank.

So they charge extra fees and issue such cheque

Then comes traveller's cheque

It is a fixed amount cheque.

which you can cash, Or you can also use as payment in a foreign country

So whenever you go outside India, you can take this type of cheque

If you want to take in dollars or if you want to take in pounds,

It is available in every foreign currency.

Every bank issues it.

so what's the use of it ?

This is for your security,

For example, if you do not want to carry a lot of cash,

The first is so you don't face any loss because of cash.

And if the cheque is stolen, then you get protection against it.

Because it bears your sign,

Only then can it be encashed.

So the bank is the issuing company.

The bank charges a fee for the issue.

So whenever you get a traveler's check issued, you will also have to pay a fee.

But if you have a very good standing, Or keep a large amount in a bank,

So they may not charge you fees.

Suppose you come back after and if you have any unused cheque

So you can get it cashed in your bank when you come back.

So these were all kinds of cheques

We have discussed what is a cheque

cheque is a negotiable instrument unless otherwise it is indicated.

So we also saw that in which case it can be made non-negotiable,

And we also saw all kinds of cheque

If you liked this video then please like it.

And also share it with your friends and family members.

So that they can also get the benefit of this video.

If you have any suggestions or want to give feedback related to this video or this channel

Or you want to suggest a topic for future videos.

So you can tell us in the comment section below

every day I bring videos on similar interesting informative topics of finance,

To get the notification of the latest finance video,

you must press the bell icon on your phone

So see you in the next video

Till then keep learning and keep earning and be happy as always.