Bearer Cheque -:
When a cheque is payable to a person named in the cheque or to the bearer thereof, it is called a bearer cheque. Any person can go in the bank and collect its payment. It is transferable merely be delivery.
Order Cheque -:
An order cheque is payable to the person named in the cheque or his order. Order cheque is paid by the bank only when the bank is satisfied about the identity of the payee. These cheques are not tranferable merely by delivery.
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