Mamtora & Associates
Chartered Accountants

1. Order Cheque A cheque which is payable to a particular person or his order is called an order cheque. 2. Bearer Cheque A cheque which is payable to a person whosoever bears, is called bearer cheque. 3. Blank Cheque A cheque on which the drawer puts his signature and leaves all other columns blank is called a blank cheque. 4. Stale Cheque The cheque which is more than six months old is a stale cheque. 5. Multilated Cheque If a cheque is torn into two or more pieces, it is termed as mutilated cheque. 6. Post Dated Cheque If a cheque bears a date later than the date of issue, it is termed as post dated cheque. 7. Open Cheque A cheque which has not been crossed is called an open cheque. Even if a cheque is crossed and subsequently the drawer has cancelled the crossing at the request of the payee and affixes his full signature with the words “crossing cancelled pay cash”, it becomes an open cheque. 8. Crossed Cheque A cheque which carries too

We all know about Home Loan, Rite!! The opposite of home loan is Reverse Mortgage. Under Reverse Mortgage all you need to do is place your fully owned house under lien with the loan provider such as banks or credit union, and receive monthly payment from them till the tenure of the loan. Reverse mortgage goes hand in hand with the owner and the spouse, if any one dies during the tenure of the loan the lender continues to provide monthly installment, but if both dies, the lender gives option to owner’s legal heir to either settle the loan amount and regain the ownership or allow lender to sell the house and recover the amount. Any balance amount left over, after settling the loan amount passes over to the legal heir. The tenure of loan could be 10 to 20 years. One point to know: If the tenure of the loan gets over, and the owner and spouse or any one of them stays alive, the lender will stop paying monthly instalments but will not force them to vacate the house till they or an

One of the popular, preferred, and prominent tax saving investments is PPF – Public Provident Fund. We all know about PPF. But do we know all about PPF? Let us discuss in detail about PPF in this article and understand it comprehensively and completely. 1. Where to open the PPF account? PPF accounts can be opened by a resident individual in a post office or in selected bank branches. The regular KYC documents need to be submitted for opening a PPF account with a minimum investment of Rs.500. 2. What is the interest rate? PPF interest rate is notified every quarter. Present interest rate is 7.1% 3. How is the interest calculated? For the balance amount in your PPF account the interest is compounded annually. However, the interest is calculated every month on the basis of lowest balance between 1st and 5th date of the said month. If your contribution to the PPF account is credited on or before 5th of that month, then that contribution will bear interest