Multicity Cheques (MCC)

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Multicity Cheques (MCC)

What is the eligibility criteria for Multicity Cheque Facility?
The multicity cheque facility is extended to:

  1. All satisfactorily conducted CA, CC and SB accounts.
  2. Non-Corporate Customers maintaining average minimum balance of `10000/-
  3. Corporate Customers maintaining average minimum balance of `50000/-
  4. Cash Credit Accounts having minimum fund based limits of `50000/-.

What is the maximum limit for each transaction?
The maximum limit for each MCC leaf will be

  1. Non – Corporate Customer – `2 lacs
  2. Corporate Customer – `10 lacs

What is the procedure to apply?
Customers will have to submit an application in the prescribed format (available at branches) for sanction of the MCC facility to their Home branch.

How will we know the status of our application?
Once the application is processed and the account is verified the customer will be intimated by the branch. On approval of the facility to the customer, branch will prepare acceptance letter in duplicate. One copy will be given to the customer and one will be retained at the branch duly acknowledged by the customer accepting the terms and conditions.

Can I take the MCC facility when the account is linked to MODS/CLTD?
Yes, MODS/CLTD linked to SB/CA holders are also considered for extending the facility subject to their eligibility. The MultiCity cheques must also bear the legend “MODS/CLTD”.

What are my responsibilities?
Multi City Cheque is issued against clear/available funds only. So customer has to maintain sufficient balance in their account, before issuing multi city cheque.

You have to take care of the MCC’S Issued to you, as you have to indemnify the Bank against any third party claims, loss or damage caused to the bank due to the customers negligence or fraud by any third party in respect of MCC facility granted

Any change in the signature or signatories to the account must be properly and immediately be intimated to the Home Branch for uploading of the fresh signatures and mandate.

To whom can I issue a MultiCity Cheque?
An MCC is an instrument you can issue to your client and it is payable at all our branches and in clearing.

Are there any charges applicable to the payee of the instrument?
MCC instruments are payable at par at all our branches hence charges are not applicable to the payee of the instrument.

Can the payee presents the MCC across the counter for cash payment?
All MCC will be printed/branded with the “Account Payee” Crossing, hence cash cannot be paid.

Can the payee present the MCC directly at any of your branches?
The payee can directly present the MCC at any of our branches or in clearing through his banker in case he maintains his account with some other Bank.

Can I give the stop pay instructions for MCC?
Stop pay instructions for MCC instruments must be given in writing duly signed by the Account Holder/Authorized Signatory and must be submitted at the Home Branch before the said instrument is presented and paid.

What are the Service Charges applicable to MCC instruments?

  1. MCC issue charges: `5/- per cheque leaf. The CBS System will debit this to your Account automatically when the MCC is issued.
  2. MCC Payment Charges: `50/- Transaction cost. This is also debited to the account automatically when the MCC instrument is debited to the Account.
  3. MCC Return Charges: `100/- plus normal service charges applicable for each cheque return.

This will be debited to your account by the Paying Branch immediately on returning the instrument to the payee.

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