Inward and Outward Clearing

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Inward and Outward Clearing

Dear Aspirants,
There are two type of clearings that undertake in a bank.

Outward Clearing: In this type of clearing cheques of other banks are presented by our customers in our branch. We take those cheques with different bank slips to clearing house for clearing of cheques. In outward Clearing cheques belong to other bank, but the customer belongs to our banks. For e.g. A customer of Indian Overseas Bank comes to the bank with cheque of SBI with him. He will give banks 2 things, 1: credit voucher advising the cheque the customer needs to present in clearing 2: Cheques

The voucher and cheque collectively carry the same amount. If the voucher is of Rs1000 then the cheque/cheques will also be of Rs1000.

Once cheques are cleared in clearing, IOB will give credit to the customer in his/her account defined in the voucher.

Inward Clearing: These are the cheques which we bring from clearing house. All these cheques belong to our bank, say IOB. If the accouts to whom cheques belong have balance, the cheque is passed, else visa versa. In Inward Clearing we only have the cheque with us. No voucher is present in inward clearing. We notify the clearing house about the fates of the cheque, according to which the presenting bank gives credit to the customer.

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