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Both current account holder and saving account holder can issue a cheque.   If the check gets lost, whoever finds it can cash it or deposit it unless you stop payment on the check first. But a demand draft is issued to a party (an account with the bank) and can only be withdrawn to that party’s account. It can be cleared in any branch of the same bank and city as it comes under the local jurisdiction.
To understand the concept better, one must understand the difference between a drawer, drawee and payee.
A cross cheque cannot be paid in cash over the counter.A bearer cheque can be transferred in name merely by encashing it at the bank. A cheque, or check (American English; see spelling differences), is a document that orders a bank to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued.The person writing the cheque, known as the drawer, has a transaction banking account (often called a current, cheque, chequing or checking account) where their money is held. Cross cheque means that it can only be paid into a bank account and cannot be paid in cash over the counter. The payee cannot endorse this cheque to anyone else. For added security, you can use a “restrictive” endorsement, which says the money can only be deposited to the account you specify. As far as my experience goes there are no charges for depositing cheque of another bank to your account in another bank. Each individual can have a bank account in only one bank. A cross cheque means, the cheque can be deposited in account only, while an open cheque means, the the bearer can withdraw cash. The banker’s cheque is issued to a bearer and anybody who bears the cheque can withdraw money.   Likewise, the recipient can give the check to somebody else. All cheque deposits are represented the same way on a bank statement, regardless of how they were deposited.

A banker collecting an account payee cheque from a person other than the payee is liable. A banker’s cheque cannot dishonour at all unless it is a fake.

I cannot further endorse the cheque to any third party. Why a maths teacher call a thief as 420. Similarly, you can deposit a cheque received by of AB can be deposited in your SBI account. Can you deposit bearer cheque in your account? There are different types of cheques issued by the bank – bearer cheque, order cheque, open 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. An Account Payee Cheque is a highly secured type of cheque as the amount can only be deposited in the account of the payee. For example, if the cheque is in my favor (I am the payee), the amount mentioned in the cheque can be deposited to only my account. If the cheque is crossed without canceling “or bearer”, the cheque can be deposited into anyone’s bank account but cannot be encashed. Can I encash a cheque at a branch of the bank other than the one which issued the cheque? it is payable to the person who presents it to the bank for encashment. If 'and' is used, cheque can only be deposited to a joint alternate or joint all account belonging to you and the other person. There will not be any problem.

How to Cash a Cheque. To restrict the endorsement, sign your name and write “For deposit only to account ###” (use your account number instead of the number signs). A bearer cheque is made payable to the bearer i.e. It does not state the terms and conditions of your member chequing facility. Banker’s cheques are issued only for the clearing area of the respective bank. How can I identify on my bank statement that my cheque was deposited via the app?

The validity of a banker’s cheque is 3 months from the date of issue. Bearer cheque can be transferred by mere delivery; they need no endorsement. You can not deposit amount ob bearer cheque in an account. Source(s): I am a bank employee. To understand the concept better, one must understand the difference between a drawer, drawee and payee. Online enquiries
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