Multi City Cheque in India: Multicity cheques are pre-printed cheques containing the customer’s name and account number. By using these cheques , You could withdraw cash from any of bank branches across India. Customers of one bank could issue these cheques to any of beneficiaries who have accounts with any of the bank.
Reserve Bank of India in October, 2007 had asked the CBS-enable banks to give the facility of ‘payable at par/multi-city’ cheques to all eligible and requesting customers. Customers maintaining the saving bank account , Current account & cash credit account are eligible to apply for this cheque book.
As before, multicity cheque was only issued to high net-worth customers but now any person containing saving bank account , Current account & cash credit account are eligible to apply for this cheque book. The Reserve Bank had asked all CBS (core banking solutions) enabled banks to issue only ‘payable at par’/’multi-city’ CTS 2010 Standard cheques to all eligible customers to improve customer services and speeding up fund transfer.
A ‘payable at par’ or ‘multi-city’ cheque of a bank can be cleared by any branch of the same bank in the country and you do not require to give any charge for clearance. This facility has also reduced the outstation cheque clearance time.