Cheque bounce under Section 138 of the Negotiable Instruments Act is a bailable, non-cognizable, and compoundable offence.
1. Bailable: The accused has the right to be released on bail.
2. Non-cognizable: Police cannot arrest without the permission of the court.
3. Compoundable: The parties can settle the matter out of court.

This means the offence is not very serious in nature but still punishable by up to 2 years of imprisonment, fine, or both.