What is bearer cheque and order cheque

Bearer and order cheques are two common types of negotiable instruments in India:

• Bearer Cheque: This is payable to anyone who presents it at the bank counter. It does not require identity verification or endorsement, making it easy to transfer but risky if lost.
• Order Cheque: This is payable only to the specific person or entity named on the cheque. The bank verifies the payee's identity before processing payment, providing greater security for high-value transactions.