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Investment Simplified > Banking > Account Payee Cheque
Banking

Account Payee Cheque

Monika Mohan
Monika Mohan January 12, 2023 2 Min Read
Updated 2023/01/12 at 12:16 AM
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The most secured type of cheque is an account payee cheque. Such cheques are issued in the name of the payee and such cheques cannot be encashed, i.e. the bank can only transfer the amount mentioned on the cheque in the bank account of the payee.

Contents
Features of an Account Payee ChequeHow to Write an Account Payee Cheque?Account Payee Cheque: FAQs

Let’s know more about an Account Payee Cheque in this post.

Account Payee Cheque Sample

Have a look at the above Account Payee Cheque Sample.

Features of an Account Payee Cheque

The following are the features and benefits of using an account payee cheque:

  • Issued in the name of the payee
  • No-one else can draw an account payee cheque
  • Highly secure than a bearer’s cheque
  • Cannot be encashed
  • Amount can only be transferred from the issuer’s account to the payee account

How to Write an Account Payee Cheque?

You need to mention the following details on an account payee cheque:

At the front of the Account Payee Cheque:

  • Payee Name
  • Amount to be paid (words & figures)
  • Date
  • Cross the cheque by drawing 2 parallel lines at the top left corner & writing Account Payee in between the lines

AND

Cancel the Bearer option

  • Sign

Please make sure to put your signature at the Account Payee Cheque back side as well.

Account Payee Cheque: FAQs

What is an Account Payee Cheque clearance time?

It usually takes 2 days to clear and account payee cheque.

How long is an account payee cheque valid?

An account payee cheque is valid for 3 months from the date mentioned on the cheque.

Can an Account Payee Cheque be drawn after the date mentioned on the cheque?

An account payee cheque can be paid to the payee’s account anytime within 3 months of issuing the cheque.

What should be written at an account payee cheque back side?

The issuer must sign at the back side of an account payee cheque along with signing at the front as well.

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Posted by Monika Mohan
Monika Mohan is a writing enthusiast who has luckily turned her passion into profession. For the greens, she has an established foot in the personal finance sector and likes to put forth complex topics in an easy-to-understand manner, minus the jargons. Outside the penny lane, it’s all about poetry, mountains and single-malts.
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