A cheque payable to the person or organization whose name is specified on the cheque is known as-

Question of The Day26-09-2021

A cheque, which becomes payable to the person or organization whose name is specified on the cheque is known as-

Answer

Correct Answer : a ) Order Cheque

Explanation :

A cheque, which becomes payable to the person or organization whose name is specified on the cheque is known as an order cheque.

The word ‘bearer’ is cancelled or strike out on this type of cheque.

This type of cheque can be encashed only by the payee, whose name has been mentioned in the cheque.

The bank will conduct its background check to authenticate the identity of the cheque holder before releasing the payment.

Hence, option (a) is correct.

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