What is multi City cheque and normal cheque?

A Multi city cheque is the type of cheque which is written directly by the customer which can be payable in every branch of that particular branch . While the normal cheque is issued by the bank on your demand . when you give the money to the bank they issue . the cheque also known as banker’s cheque.

What is the benefit of multi City cheque?

The payment of MCCs at the home branch will have no restriction incase of limit on an amount of Cheques. 2) In home branch, order cheques to be permitted for cash payment at the home branch to the third party as per the endorsement of the drawer on the reverse of the cheque.

What is multi related cheque?

The form of cheque written directly by the customer that can be payable in each branch of that particular branch is a multi city cheque. It is only achieved in the case of the actual transaction. There are costs that are deducted from the account for issuing the cheque.

Can I deposit cheque in any city?

Banker’s cheques are issued only for the clearing area of the respective bank. It can be cleared in any branch of the same bank and city as it comes under the local jurisdiction.

How do I use a multi city cheque?

3. Policy on Multi City Cheques (MCC): MCC is a cheque drawn by a customer in favour of a person/entity named therein and is payable at par at all branches of SBI, subject to detailed terms and conditions as under: a) The payee can present the cheque directly at any of our branches or in clearing through his bank.

What is multi city option in SBI?

In multi-city cheque facility, customer can issue cheques that are drawn at the base branch in one city and payable at a branch of the bank at any other city. The first 50 cheque leaves will be given free to every customer and the charge for subsequent issues has been reduced from Rs 3 to Rs 2 per cheque leaf.

What is local cheque?

Local cheques are payable within the jurisdiction of the clearing house and will be presented through the clearing system prevailing at the centre. Under grid-based Cheque Truncation System clearing, all cheques drawn on bank branches falling within in the grid jurisdiction are treated and cleared as local cheques.

Is multi-City cheque is CTS cheque?

The payment of existing Order Multi-city (payable at par) CTS-2010 standard cheques already issued to the customers will be allowed for cash payment at Home branches to the bearer of the cheques as per the endorsement of the drawer on the reverse of the cheque.

How long does it take for a multi-city cheque to clear?

5.9 Time limit for deposit of Cheques: clearance on same day, for which the clearance period will be T+1 working day. b) Cheques deposited after this cut off time will be sent for clearing on next day, for which clearance period will be T+2 working days.

What is SBI multi City cheque?

Multi-City Cheque (MCC): It is a cheque drawn by a customer of the Bank in favour of a person/entity named therein and is payable at par at all branches of the Bank, subject to detailed terms and conditions as under. In case of a Multi City Cheque, the term drawee would connote any branch of the Bank in India.