A bank draft, often referred to as a cashier’s check or a Bankers’ Cheque, is a common financial instrument in India. It was created as an alternative to personal checks and cash transactions as a safe payment method. A bank will issue a Bankers’ Cheque on a client’s behalf as a guarantee of payment to the beneficiary.
In India, the advent of the Bankers’ Cheque, along with Investment Banking Training which offers comprehensive education and expertise in the field—has greatly simplified financial transactions, especially in complex business transactions. It provides improved security, credibility, and convenience, among other benefits. A Bankers’ Cheque is primarily used to reduce the risk that comes with personal checks, such as inadequate cash or check bouncing.
The customer deposits the necessary amount with the issuing bank in order to get a Bankers’ Cheque. The bank then secures the funds by writing a cheque payable to the selected beneficiary. The bank’s name, emblem, and the precise amount are often printed on the cheque. The recipient can cash the Bankers’ Cheque or deposit it into their bank account after receiving it directly from the customer.
Businesses, governmental organisations, and people all around the country accept and trust Bankers’ Cheques. They are frequently used for huge payments, real estate deals, paying off debts, and sending secure money to unidentified parties. Bankers’ Cheques are a common alternative for significant financial transactions because of their dependability and the guarantee that the monies are available.
Follow these steps to receive a Bankers’ Cheque, also known as a cashier’s cheque or a bank draught:
- Pay a visit to the bank: Go to the branch of your bank where you have an account, or any other bank that provides Bankers’ Cheque services.
- Carry the following documents: Bring your legitimate identification proof (such as a PAN card, Aadhaar card, or passport) as well as the details of the recipient or beneficiary to whom the Bankers’ Cheque will be made.
- Fill out the following application form: Request the Bankers’ Cheque application form from the bank and properly fill it out. This contains your account information, beneficiary information, the amount to be paid, and any additional information requested.
- Deposit the needed amount into your bank account from which the Bankers’ Cheque will be issued. As the bank will freeze the matching money in your account, ensure that you have enough funds to cover the cheque amount.
- Pay the issuance fees: Some banks may impose a fee or charge to issue a Bankers’ Cheque. While submitting your application, pay the applicable bank fees.
- Check the following information: Check all the information on the application form twice to verify accuracy and to avoid errors.
- Send in your application: Submit the completed application form to the bank’s representative or the authorised counter, along with the appropriate documents and the requisite money.
- Collect the Bankers’ Cheque: After the application has been reviewed and authorised, the bank will issue the Bankers’ Cheque in the name of the specified beneficiary and deliver it over to you.
- Give the following information to the recipient: The Bankers’ Cheque should be delivered to the intended receiver or beneficiary. They can then deposit it into their bank account or cash it out as they see fit.
Besides knowing how to receive bankers’ cheques, also ensure to know how to fill cheque. Ensure to keep a copy of the Bankers’ Cheque as well as the transaction receipt for your records for future reference.
Banking sector adopted technology and advanced with it. Mobile Banking is a ‘thing’ now. Mobile banking has evolved in India as a simple and safe option for individuals to access and manage their bank accounts via mobile devices. Because of its simplicity of use and accessibility, mobile banking has grown in popularity with the rapid increase of smartphones and internet adoption. It enables users to check account balances, transfer payments, pay bills and even apply for loans, all from the convenience of their cell phones. Bank-provided mobile banking apps enable encrypted transactions, biometric verification, and safe access to financial services, making it a preferred method of banking for many Indians.
With rapid technological improvements and the growing popularity of smartphones, all banks on India like the Indian Bank have embraced mobile banking as a simple and safe option for consumers to manage their accounts and conduct financial transactions.
Customers can access a variety of services at their fingertips by downloading the Indian Bank Mobile Banking App. Checking account balances, examining transaction history, transferring funds between accounts, paying bills, recharging mobile phones, and making utility payments are among the options available. Customers can also link their Aadhaar and PAN cards to their accounts for more safe and seamless transactions.
The Indian Bank Mobile Banking app has an easy-to-use UI, increased security measures, and real-time updates. Customers can set transaction limits, receive transaction alerts, and customize their choices based on their needs. Indian Bank Mobile Banking has advantages as follows:
- Convenience: Indian Bank Mobile Banking allows consumers to access their accounts and execute various banking operations from their cell phones at any time and from any location.
- Fund Transfers: Using NEFT, IMPS, or UPI systems, users can transfer payments between their own accounts, other Indian Bank accounts, and accounts in other banks.
- Bill Payments: Customers using Indian Bank Mobile Banking can pay their energy bills, credit card payments, insurance premiums, and other bills directly from the app, saving time and effort.
- Account Management: Customers can readily view their account balances, transaction history, and download account statements.
- Customers can recharge their mobile phones, DTH services, and prepaid cards directly through the mobile banking app, removing the need for additional recharging platforms.
- Enhanced Security: Indian Bank Mobile Banking contains strong security measures such as secure login credentials, transaction authentication, encryption technology, and biometric authentication (where applicable), which ensure the protection of consumer transactions and data.
- Loan and Investment Services: The mobile banking app provides information about Indian Bank’s loan products and investment choices too.
- Customers receive real-time transaction alerts and notifications, keeping them up to date on their account activities and assisting them in remaining watchful against any unauthorised transactions.
Finally, both Bankers’ Cheque and Mobile Banking provide distinct benefits and address distinct banking demands. A Bankers’ Cheque is a safe payment method for large transactions that provides certainty and eliminates the risk of bounced or counterfeit cheques. Mobile Banking, on the other hand, puts convenience, accessibility, and a wide range of banking services at the customer’s fingertips. Users can monitor their accounts, transfer funds, pay bills, and perform financial activities at any time and from any location. While a Bankers’ Cheque is appropriate for specific situations requiring physical payment instruments, Mobile Banking is a versatile and comprehensive solution for day-to-day banking demands in the digital era.