What is manager cheque

A manager's cheque, also known as a banker's cheque or pay order, is a secure financial instrument issued by a bank on behalf of a customer. Unlike a personal cheque, the bank guarantees the payment because the funds are debited from the sender's account at the time of issuance. Key features include:

• Guaranteed Payment: Since the bank is the drawer, there is no risk of the cheque bouncing due to insufficient funds.
• Usage: It is primarily used for high-value local transactions like real estate or business deals.
• Validity: In India, it is typically valid for three months from the date of issue.