digg_url = ‘www.accountinghead.com/wp-content/diggbutton/diggsubmit.gif’;

Pay order is an instrument that a banker issues after receiving funds from customer hence the payee assured of receiving the funds on presenting PO. Pay order is also known as banker’s cheque because it is issued by a bank and payable locally only. This means that you cannot issue a pay order to a customer who is out side of your city. Only Demand draft can be issued across the city. Also PO cannot be issued against cash Rs 50000.00, and pay …

One of your company branches in another Location urgently requires sum of Rs 100000.00, with in three to four hours. What will you do? Since your branch is far away it is impossible to send money by hand. One of the useful and fastest ways is RTGS. It is a fund transfer system from one bank to its branch and another bank branch. You can transfer money from your bank to your branch bank account through RTGS within two or three hours.It is faster than …

Most of us have deposited cheques in our bank account to collect amount from somebody or from a business. And bank collected the amount from issuer bank and credited your account. Let’s see what are the processes involved in it. Before knowing the clearing procedure you should know what a local cheque is? It is a cheque issued by a person or company in the same city where receiver bank located. Since issuer bank and receiver bank is located in the same city cheque …

Two in one account is benefited to customer by providing a Term deposit linked with SB account .The amount in excess to a particular limit in an SB account is automatically transferred to term deposited for a particular period. By default the period is one year. This kind of auto transfer is called auto sweep. Term deposit created through auto sweep carries a higher interest rate than SB Account and all other terms of interest payment and premature withdrawals are applicable on the day …

IFSC Code is a unique eleven digit code for the purpose of identifying bank branches in India. Some times it is difficult to identify banks by using place name, the coding system is very useful even if there are multiple branches are there in the same location for the same bank. It is an alpha numeric number First four character representing the banks code ,the next character reserved as control character Presently zero appears in the fifth position and remaining six characters to identify …