Top 3 Types of Credit Instruments | Banks

The following points highlight the top three types of credit instruments. The types are: 1. Promissory Note 2. Bill of Exchange (or Hundi) 3. Cheque. Type # 1. Promissory Note: A promissory note is a document in which a person promises to pay another a specified sum at a certain date. The payee, i.e., the person to receive the amount, [...]