Is it possible to deposit a bearer cheque in a bank account?

The bearer cheque does not contain the name of the payee and is payable to the person who presents it at the bank. However, the cheque can be used to credit the bank account directly. In case of a bearer cheque, the bank must do proper verification before making payment to the bearer of the instrument.

How do I deposit a bearer cheque?

Bearer Cheque

1. Go to any branch (in the city) of the bank that the cheque belongs to.
2. Present it for clearance.
3. The bank teller, will verify the details on the cheque and clear it.
4. The cheque will be cleared then and there and you will get the cash.

Is bearer cheque considered as cash?

A bearer cheque can be used to be payable as Cash or bearer with a specific name. The bearer cheque does not have the word ‘bearer’ on the cheque. The cheque is payable over the counter to the bearer or the presenter of the cheque by the drawee bank. A bearer cheque can be transferred to another person.

Can you deposit someone’s cheque into your account?

Some banks allow cheques to be cashed by someone other than the person named on the front of the cheque if it is counter-signed. You can then endorse the back of the cheque and deposit it into your account. This is called counter-signing a cheque.

What is the maximum amount for bearer cheque?

No, there is no withdrawal limit on bearer cheques. However, if the amount is above Rs. 50,000, the bank asks for an ID and verifies the person’s identity in whose name the cheque has been issued. Once the verification is completed, the bank hand over the amount to the person presenting the cheque or the bearer.

How can I withdraw money from bearer cheque?

How do I deposit a Cheque?

How to deposit or cash a check at the bank.

1. Step 1: Bring a valid I.D. Be sure to have a valid form of I.D. with you when you go to your bank to deposit a check.
2. Step 2: Endorse the check. Once you arrive at the branch, flip the check over to the back and look for two grey lines.
3. Step 3: Present the check to the banker.

Can anyone withdraw bearer cheque?

There is no such specific withdrawal limit on bearer cheque. In case the amount is above 50,000 the bank will verify the identity of the person before handling the cash amount.