Bank charges

Vidya24 · Oct 26, 2005

Hi all,

Not a tax question- but felt that someone here cld help me.

I have to send Rs 7500 thru cheque. My cheque is from Canara Bank, Trivandrum. The receiver will be cashing it in Chennai, Indian Bank.

I need to find out how much they will lose in interbank trasfer, commission charges etc- so that I can add that amount in the cheque.

An approximate answer will also be good enough.

Thanks in advance
Vidya

malar · Oct 27, 2005

No bank charges for a/c holder

Hi Vidya,

Though you give a cheque from Canara bank and the receiver would encash it in Indian bank, if the receiver is an account holder in Indian bank there would be no bank charges.

I'm not sure if they don't have a bank account in Indian bank. In that case, it would be best to go and encash it in the Canara bank branch from which you issued the cheque. Just a suggestion!

Vidya24 · Oct 28, 2005

Thanks, Malar

Hi Malar,

Thanks for answering my doubt on banking charges. Terimah Kasih ( know a wee bit of Bahasa Indonesia).

Also saw yr recipe on Kandarappam.

I love Chettinad vegetarian food. In Bangalore there was a nice restaurant, Legends. On Fridays, they served a fully vegetarian thali/banana ilai of Chettinad Kalyana Virundhu of 20 items. Pallathoor Palpayasam, gajar halwa with nannari- it was fabulous.

My aunt lived in Karaikudi and I used to visit often as a child, have not done so in ages. Thinking of Chettinad food makes me want to do so.

Thanks again for answering my question and Happy Deepavali to you and family.

regards
Vidya

bhaskee · Oct 29, 2005

Vidhya,

If the receiver is an account holder in Indian bank and deposit the cheque in his account, the bank would charge collection charges from the receiver. FYI and the receiver cannot ENCASH the cheque issued by you from your Canara Bank, Trivandrum. The receiver can only DEPOSIT the cheque in his account.

Even If you issue a bearer cheque, the receiver can ONLY ENCASH it in your Canara Bank, Trivandrum NOT in Indian Bank, Chennai.

Bhaskee

Vidya24 · Oct 30, 2005

thanks Bhaskee

Hi Bhaskee,

Thanks for clarifying my query. You are correct too, there will be a deduction in the interbank, account to account transfer.

Thanks agin and Happy Deepavali.

regards
Vidya