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  1. david11's Avatar
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      • Native Language:
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      • India
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    • Join Date: Nov 2011
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    #1

    Payable at par through clearing/transfer at all branches of HDFC bank.

    I have read that sentence at the top of the check leaf. I don't understand what par through clearing/transfer means.

    I can easily assume that it means we can pay at all the branches of that bank but I just want to know what "par through clearing/transfer" means.

  2. SUDHKAMP's Avatar
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      • Kannada
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      • India
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      • India

    • Join Date: Apr 2008
    • Posts: 21,213
    #2

    Re: Payable at par through clearing/transfer at all branches of HDFC bank.

    Quote Originally Posted by david11 View Post
    I have read that sentence at the top of the check leaf. I don't understand what par through clearing/transfer means.

    I can easily assume that it means we can pay at all the branches of that bank but I just want to know what "par through clearing/transfer" means.
    Dear David11, in India and at other places, local clearing cheques are at par, but there are charges on outstation cheques. Say, your friend from Delhi has given you a cheque, and you have a bank account at Mumbai, then you shall present that cheque to your bank at Mumbai. Your bank will send it to the Delhi branch of your friend's bank, this will require some expenditure on the part of bank like Registered letter charges and other incidental charges which would be levied to your account depending on the amount of the cheque. However due to electronic clearing at National level in India, there are certain cheques which may be honored at all branches of given bank. Here in your case the cheque leaf given to you by HDFC bank commits that if the cheque is presented to any branch in India, then it shall be honored without levying any charge on the amount!
    At par means at the face value or amount mentioned in the cheque!

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