What are Self Cheques?

Self cheques are the cheques you will use to withdraw money from your own account by filling the payee section as “self”. Hence, the name self cheque.

In older times, it was the sort like ATMs Cards of modern days. If you wanted cash, just sign a cheque assigned to yourself and produce at bank. Cashier will give you money treating this like any other cheque.

What makes a Self Cheque?

Any normal cheque can be used as self cheques. You just need to write “Self” in payee section to convert a normal cheque to self cheque. You’ll also need to sign at back of cheque with name for making it a valid self cheque. This is to ensure that the actual owner of the cheque is using it.

What is the advantage of Self Cheque over ATM Cards?

Well, that is a common question asked about self cheques. The answer is only valid if you need to withdraw large amounts.

The majority of ATMs in our nation has some imposed limit in maximum amount you can withdraw on a daily basis. The majority of these banks only allow you to withdraw up to Rs. 25000 per day. So what if you need more than this? By using self cheques, you can withdraw as much money your bank account permits.

You can also use self cheque at a different branch of your bank. However, some banks apply a limit in maximum amount you can withdraw at different branches. Even though there is a limit, you can still withdraw much more than using ATMs.