Depositing a Cheque would not be allowed by the other Banks as their rules would be contrary to your Bank rules. Most of the Cheque Payees don't know the process of realizing the Cheques from the Financial Institutions like Banks in India. The rules implemented by the Corporate Banks, Investment Banks and much more such kind of Banks are guided and observed by the State Banks and Reserve Banks of the concerned Countries. Even there is a small degree of diversion among the Banks in different Countries or in the same Country for the same Banking transactions. It is complicated to understand the rules of all Banks in your locality. So, it is the intellectual thought that i faced in my job, while i got a Self Crossed Cheque from a Distributor, yet it was failed.
|Account Payee/Crossed Self Bearing Cheque Leaf|
What will you do if you get a Account Payee/ Crossed Cheque bearing Yourself in the place of Payee Name from your customer? I thought just like you. I wanted to do deposit the cheque in our Account by writing our Firm Name beside Yourself . As a precautionary idea, i asked the Branch Manager for the confirmation about the my thought, whether it is correct or not? He told me that Bank of India (Our Branch) won't accept the Cheques with Self for depositing into a Customer Account. He suggested me that better to Transfer using NEFT/RTGS from the Drawee Bank.
So, i went to the Axis Bank to make it Electronic Transfer to our Account in Bank Of India, because the Cheque is from Axis Bank. As per our Bank i.e. Bank of India we can NEFT or RTGS to any other Bank Account with our signatory in the NEFT/RTGS Application Form. But, it is contrary in Axis Bank, in order to make it NEFT/RTGS the Account Holder has to sing on the Cheque as well on NEFT/RTGS Application Form. So, i could not encash the Cheque neither through NEFT nor Drawing the Cash directly as it is A/c Payee. So, i simply returned the Cheque to our Distributor.
So, don't forward your step with the suggestions of the other Bankers. Just try to find out the way to make the solution for your problems by using the sources at your hand. Try to surf the net for information from the concerned Bank websites, call the Customer Care Number of the Drawee Bank, or call to Branch where you are going to make the transaction done. I added my experience i better feel good if you too participate in this article by commenting your valuable suggestions, information and experience in this regard.