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In how much time will I get cash in my savings account?
I got this CITI BANK cheque of around Rs. 14000 issued at branch in New Delhi. The cheque states "payable at par at all CITI BANK branches in India".
Now my account is in SBI in a city X and my city does not have any CITI BANK branch. The SBI branch where I hold my account is CBS enabled. How much time will my bank take to clear the cheque?
Will it be considered a local cheque due to "at par" thing or will it not be considered as local cheque because my city does not have CITI BANK branch?
Will it get processed rapdily due to some MICR thing (I read about it on web and I am not sure if I understood it)?
thanks
2 Answers
- 8 years agoFavorite Answer
You should get credit within 3 days and bank may charge you sum upto 150 for this clearing as this will e treated as outstation cheque.
- Anonymous5 years ago
If you are receiving public assistance, then any balance above $2,000 could cause you to lose benefits. If he doesn't care about the interest, then you can hold it for him. If you are ever audited, then you would need to be able to prove that the money was not yours and is not taxable. The best solution is if he just goes to a bank and opens a savings account or a certificate of deposit (CD).
