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What is a cheque?

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


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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
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