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The ISM Services PMI rose to 54.1, exceeding forecasts of dollar index chart tradingview 53.5, signaling continued growth in the services sector. Additionally, JOLTS job openings increased to 8.10M, highlighting resilience in the labor market. A continued rise in yields could push the DXY higher, potentially impacting emerging market currencies and commodities like gold. Conversely, a breakdown in yields may signal easing Fed rate expectations, softening dollar strength. Continued strength in the labor market and energy data could solidify the greenback’s dominance in global markets. US 10-year bond yields are at 4.673%, slightly down by 0.17% but still within an upward channel, supported by the 50 EMA at 4.622%.

US 10-year Bond Yields

1. Continued strength in the labor market and energy data could solidify the greenback’s dominance in global markets.
2. The ISM Services PMI rose to 54.1, exceeding forecasts of 53.5, signaling continued growth in the services sector.
3. US 10-year bond yields are at 4.673%, slightly down by 0.17% but still within an upward channel, supported by the 50 EMA at 4.622%.
4. Rising yields generally support the US Dollar Index (DXY), which gains strength as higher yields attract global investors seeking returns.
5. With no key events ahead, the Pound remains sensitive to broader market sentiment.

This indicates persistent demand for US Treasuries amidst inflationary pressures and expectations of steady Fed policy. Rising yields generally support the US Dollar Index (DXY), which gains strength as higher yields attract global investors seeking returns. With no key events ahead, the Pound remains sensitive to broader market sentiment.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only.

A cheque is defined as a piece of document which orders the bank to transfer a particular amount of money from the account of the same individual to another bank account of their choosing. • Online mode – You can log into your net banking account and navigate to the services section to request a new chequebook. After paying the required amount, you will receive it at your registered mailing address. If you are an IDFC FIRST Bank account holder, new chequebook issuance is completely free of charge.

1. When you receive a crossed cheque, you need to endorse it on the back with your signature to deposit it into your bank account.
2. This is the individual whose name appears on the cheque and who receives payment in the amount specified therein.
3. The ‘or bearer’ mark on the cheque is struck off in order for cheques to ensure only the payee receives the amount specified in the cheque.
4. An open cheque does not have any crossing marks on its face and is generally issued to the bearer.
5. A bank issues a banker’s cheque on behalf of an account holder to issue payment to another person in the same city.
6. A cheque or check is a document that instructs a financial institution to charge a substantial sum of money from the person’s phone to the person named on the cheque.
7. A self-cheque is a cheque drawn in one’s own name, which means the drawer and the payee are the same.

Can I write a cheque if I don’t have a bank account?

Endorser – If the payment rights are transferred to a third party, the payee, in this case, becomes the endorser. • Sometimes, banks may deny cheque processing for a few reasons, such as low account.balances, signature mismatch and more because they are not legal tenders. A blank cheque is one that has the sign of the issuer, and no other details are filled in. Blank cheques pose a high risk because if lost, anyone who finds it can fill in any amount and issue it to themselves. If a cheque is dishonored, the defaulter can be punished with a monetary penalty that may be twice the amount of the cheque or imprisonment for a term that may be extended to two years, or both. The bank also reserves the right to stop the checkbook facility and suspend the account for repeated offenses on bounced cheques.

The drawee is the bank or financial institution that the cheque is drawn on, which must pay the amount of the cheque when it is presented for payment. The drawee is usually indicated on the face of the cheque by its name and address. There are certain situations in which the bank may refuse to process the cheque payments, such as those mentioned below. The payee is the person who receives the payment from the cheque-holder through the drawee bank. To find the cheque number, you can look at the bottom left corner of your cheque leaf. The first 6 digits that appear on the leaf are your cheque number.

1. It can be encashed when traveling abroad where foreign currency is required.
2. It is also necessary that the payee must hold an account in that particular bank.
3. This notice should be sent to the drawer within 30 days of receiving the Cheque Return Memo.
4. A party, or payee, is referred to as an endorser when he or she grants another party the right to receive the money.
5. In many cases, the money was never recovered, and even if the recovery happened, it involved a lot of time and additional expenses.
6. In a bearer cheque, the payment is made to someone who is acting on behalf of the payee/beneficiary, in whose favor the cheque has been issued.
7. A cheque is called open when it is possible to get cash over the counter at the bank.

The payee can resubmit types of cheque in india the same cheque within three months of the date of issuance of the cheque. The payee should also send a notice to the drawer stating that the amount should be paid within 15 days of the notice being received by the drawer. This notice should be sent to the drawer within 30 days of receiving the Cheque Return Memo. A cheque or check is a document that instructs a financial institution to charge a substantial sum of money from the person’s phone to the person named on the cheque. The money is held in a new bank account (also known as a cheque, current, chequing, checking, or share draught account) by the person who writes the cheque.

Depositing vs. Cashing a Cheque

A crossed cheque is a type of cheque where two parallel lines are drawn across the face of the cheque, either vertically or diagonally. This crossing signifies that the cheque can only be deposited directly into a bank account and cannot be encashed over the counter. There are two main types of crossed cheques general crossing and special crossing. Cheque crossing is a secure method used in banking to make cheque payments. It involves drawing two parallel lines across the face of the cheque, typically with the phrase “and Co.” or “Account Payee Only” written between the lines. This ensures that the cheque can only be deposited into the payee’s bank account, reducing the risk of fraud and unauthorized access to funds.

IDFC FIRST Bank MSME Accounts

Cheques have been a very useful invention, allowing people to shift funds from their bank accounts in a safe and effective manner. In post-dated cheques, the date present is later than the original date that the cheque was issued. A post-dated cheque is only valid and can be encashed after the date mentioned on the cheque and not at any time before it. Such cheques, when submitted to banks before the date mentioned on the cheque, are not processed until the date is finally reached. No, only the account holders receive cheque book which they can use to transfer money or make payments.

The remaining numbers denote the details of issuing branch, city, and the account linked. • ATM – If you don’t have an active net banking or mobile banking service, you can visit your nearby ATM and access your account using the debit card and pin. Later, navigate to the services section, choose the ‘issue a new chequebook’ option and proceed as instructed.

The statistics for 2022 reveal that Indian banks faced frauds to the tune of ₹1.38 trillion , of which ₹1.58 billion was from cheque frauds. Paying by paper cheque makes people more likely to fall prey to fraud, and often, the culprit is someone they knew. In many cases, the money was never recovered, and even if the recovery happened, it involved a lot of time and additional expenses. Stale ChequeIf a cheque is presented for payment after three months from the date of the cheque it is called stale cheque.

However, it can be deposited in any bank as the name of the bank is not specified in such cheques. A cheque is a written document that instructs a bank to pay a specified sum of money from the account holder’s bank account to the person or entity named on the cheque. Dishonor of cheque is what happens when a bank does not deposit the payment written in the cheque to the payee’s account. A ‘Cheque Return Memo’’ is usually issued to the payee’s banker which specifies the reasons for the cheque being dishonored. The dishonored cheque and the memo is presented to the payee by the payee’s bank.

First Step Towards a Successful Banking Career

However, you can encash a cheque drawn in your name even without a bank account. An open cheque does not have crossed lines, and hence, is also called an uncrossed cheque. An open cheque can be cashed at either of the banks, namely, the payer’s bank or the payee’s bank. Also, an open cheque is transferable by the payee, which means they can make someone else the payee.

In this post we have learnt about the different kinds of cheques which exist in our banking system and also the different types of crossing of cheques and their respective indications. Study this topic properly as it is a very common topic given in the banking exams. A stale cheque is a cheque that is not valid anymore or has expired. When the period of 90 days has passed, the cheque is referred to as a stale cheque. That’s all there is to know about the different kinds of cheques you can send and receive. In contrast to the norm, certain internet banks may provide cashier’s cheques over the phone or online.