A primary benefit of account payee cheques is that they might be the safest variant of cheques. That is because the written sum on the cheque can only be deposited into the account of the payee, ensuring that the chances of misuse are very low.
After receiving the payment through this cheque, the payee can’t endorse the account payee cheque to anyone else. This only adds to the security of these cheques. Apart from the secured nature of these cheques, it is also imperative to note that these cheques come with a validity of only three months.
If you ever receive an account payee cheque, it is not possible for you to cash it instantly. To encash it, you are required to deposit the cheque into your Savings Account by filling out the cheque deposit form. After filling out the form, clip a cheque to the form and drop it inside the cheque deposit box or hand it over to the bank official. After that is done, the bank will deposit the money into your account in two or more days.