Should i have to pay extra charge for getting a at par cheque from the bank ?or is there any minimum balance?

Question

i have a account with icici bank

to get a at par cheque book shouli i have to pay any charge or should i maintain some min balance

Answer 1

u ______ have to search in icici bank with the help of yahoo

Answer 2

It'd be the normal charges itself... whatever is charged for a cheque-book. Just tell them that you want one for at par.

Answer 3

Now understand one thing, Payable at Par Cheque Book means loss of Income arising from generating Banker's Draft and Demand Drafts.

Payable at Par cheques cannot be sent to everyone and should be only given to persons that are trustable and are of good repute. Afterall they bear your signatures. In case of third or new parties,  the older system should be trusted.

Different Banks have different policies on Payble at Par Cheques.

I checked with some banks:

BOI - Rs. 6/- per cheque leaf. Minimum Bal Rs. 50,000/- at all times.

HDFC - Average Minimum Balance Rs. 10,000/- per Day for 90 days. Payable at Par Cheque upto Rs. 50,000/- free. Thereafter extra charges.

Kotak - Average Minimum Balance Rs. 10,000/- per Day for 90 days. (A/C name is Kotak Edge Saving A/C). One Cheque book of 25 leaves free per quarter.

I burnt my fingers with HDFC Bank. They charged me extras, and told me Rs. 50,000/- limit afterwards.

Average Minimum Balance becomes Rs. 10,000 x 90 Days = Rs. 9,00,000/-. Suppose you had Rs. 9,000/- for 40 days and Rs. 9,500/- for the next 50 days

Then It would mean (9000 x 40) + (9500 x 50) = Rs. 3,60,000 + 4,75,000 = Rs. 8,35,000/- (An average of Rs. 9,278/- spread over 90 days), which is less than Rs. 10,000/-. Penalties!!!!! (as per slabs). Hence do always remain a little above.

You should visit banks who have good Customer Care, branches near to your place.

Most importantly, do check the list of branches of the bank spread all over India. After all, the branch of the bank has to be in the place to accept Payable at Par cheque. No bank branch in the required city, who will accept and honour the cheque?

Answer 4

now-a-days icici gives at-par cheques for free, i mean no extra requirement. if they create problem, open an a/c abn-amro bank. their fd rate of interest is also high. i personally hold a salary a/c (zero-balance a/c) with icici and i have recently opened a new a/c with abn-amro mainly because of icici's bad customer care. i'm happy with abn-amro bank, free door-step banking, free at-par chequebook and 10.25% interest for 400 day's of fd. also, i have found that rate of interest for abn amro is always higher than that of icici. however, min balance requirement for abn-amro is 10k.