If the above letters are present, your cheque book is cts2010 compliant 5. Mar 20, 20 non cts cheques valid till 31 july rbi the rbi has also said the system of post dated cheques and payment via emi, in either the old or new format, will be banned from now wherever electronic. Dec 23, 2012 it is now mandatory for banks to strictly issue standardized and enhanced new format of cheques called cts 2010. In case you have issued non cts 2010 standard post dated chequespdcs equated monthly installment emi cheques for repayment of your loan, you. This document covers banks policy in respect of multicity payable at par cts2010 standard cheques. Cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. Sep 19, 2017 here it seems you are asking about a cheque which is signed but not dated and no other details are filled in. Sep 03, 2012 it is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts 2010.
Speed clearing system is applicable for both cts 2010 grid based clearing system and non cts clearing system. When a customer deposits a cts2010complied cheque, the bank can simply send the cheques image to the drawee bank. A pantograph which shows voidcopy while taking photocopy of the cheque below the account number. You need to apply in your bank for the same and it is available free of cost. If you have a savings bank account or current account in a bank, you can issue a cheque in your own name or in favour of others, thereby directing the bank to pay the specified amount to the person named in the cheque. No clearance of noncts compliant cheques from january. In case if your cts 2010 cheque book, you must obtain a new cts complied cheque book, and surrender the noncompliant one to the bank. Those who have given non cts 2010 cheques for paying their car or home loan emis must resubmit cts 2010 standards cheques before. If you are still in possession of nonctc cheque books, then it is in your own interest to get those replaced with cts2010 standard cheque. The benchmark prescriptions are collectively known as cts 2010 standard. In case if your cts 2010 cheque book, you must obtain a new cts complied cheque book, and surrender the non compliant one to the bank. Please sign above is mentioned on bottom right of the cheque.
Customers should make note of the above guideline while depositing the cheque as the noncts 2010 instruments will be credited debited to accounts as per the schedule mentioned above. Cheques not complying with cts 2010 standards will be cleared at less frequent intervals i. The feedback you provide will help us show you more relevant content in the future. As per rbi guidelines, now all banks have to issue cheques conforming to the cts 2010 standards with uniform features. Apr 08, 2020 rbi extends cheque upgradation deadline till march next year 14 dec, 2012, 01. Now, old cheque is valid up to july 31 goodreturns. According to banking experts, cts2010 cheques have certain common security features and standardised field.
Get your noncts cheque book replaced immediately, it said. Important message cts 2010 regulation applicable to cts. The reserve bank of india rbi has extended the deadline for implementing the cheque truncation system2010 cts 2010 by another three months. Get your non cts cheque book replaced immediately, it said. No longer will you be able to use noncts cheques and sbi customers. Noncts cheques used by customers of all banks including state bank of india sbi, hdfc bank, icici bank, bank of baroda, punjab national bank and others will become invalid from january 1. Go to your bank branch and request for a new cheque book or order one online. Bank customers rbi new guidelines 2019 non cts cheques. Banks have now been asked to ensure all cheques are compliant with cts 2010 standards by april 1, 20.
Simple guide for customers to identify if their cheques are cts. Also all the current circulated cheques will be replaced within 31st march, 20. Jul 16, 20 standardization and enhancement of security features in cheque formsmigrating to cts 2010 standards please refer to the instructions contained in our circular no. If you have availed a home loan and or auto loan and issued postdated cheques instead of opting for direct debit, then you will be required to replace such postdated cheques with the cts2010 compliant ones before december 31, 2012. Deadline ends, old cheques make way for safe, fast cts. A cheque is defined as bill of exchange payment on demand. Jan 01, 20 cts cheque 2010 is a image based cheque clearing system undertaken by public banks of many countries for faster clearing of cheques based on electronic data. Noncts cheques to become invalid from january 1 goodreturns. Simply put, a cts2010 cheque will not have to go through the. Cheque is a very common form of negotiable instrument.
The reserve bank of india has extended validity of old cheque book non cts2010 standard up to july 31, 20. Noncts cheques may face further clearance delay from may 1. Cheque truncation system 2010 or, cts2010, is a new standard with uniform cheques with additional safety features for faster clearances. The cheque truncation system cts is a process of stopping flow of physical cheque in which an electronic image of the instrument is presented when it comes for clearing. No non cts 2010 cheques will be encashed after this date. The truncated cheque means, a cheque which is truncated during the.
Cheque issuing banks shall make all efforts to withdraw the noncts2010 standard cheques in circulation before the extended timeline of july 31, 20 by creating awareness among customers through sms alerts, letters, display boards in branchesatms, logon message in internet banking, notification on the website etc. Sbi customers can deposit their noncts cheque in their respective branch and get free new cts2010 standard chequebook. Dec 03, 20 as per the recent rbi guidelines, checks which are not as per the cts 2010 standards will continue to be valid and accepted. Standardization and enhancement of security features in. However effective january 1, 2014, there would be likely delay in realisation of such non cts 2010 standard cheques, as these cheques will be cleared at less frequent intervals. In case your cheque is not cts2010 compliant, you can request for a new cheque book by logging in to citibank online. Many banks have still not asked their customers to surrender the noncts 2010 cheque books to reflect the change, a crosssection of bankers. Check your current cheque book is it valid new cts. Policy and procedure on cheque collection and immediate credit of outstation cheques 1 local cheques all cheques and other negotiable instruments payable locally would be presented through the clearing system prevailing at the centres. Rbi has decided to launch this system and all banks across india are required to follow rbi guidelines in this regard. Therefore, we recommend you to replace your non cts 2010 cheque book with a new cheque book at the earliest. Apr 29, 2014 non cts cheques may face further clearance delay from may 1. In case if your cheque book does not reflect the aforementioned details you must obtain a new cts complied cheque book at the earliest, and surrender the noncompliant one to the bank.
Non cts cheque bounce and validity in 2016 answered by expert cheque bounce lawyer. Oct 17, 2017 no any cheque that is a non cts cheque will be returned by the bank as not a valid instrument under ni act. The branch address and ifsc code should be on the top left side of the cheque 2. Cts is based on a cheque truncation or online imagebased cheque clearing system where cheque images and magnetic ink character recognition micr data are captured at. Also already circulated cheques will be replaced within 31st december 2012. All banks providing cheque facility to their customers have been advised to issue only cts 2010 standard cheques. Jan 15, 2014 non cts compliant cheques cheques not compliant to the cheque truncation systemcts 2010 standards will be cleared thrice a week only, until 30 april, 2014.
Cheque book issued till 04 november 2012 is non cts compliant is my cheque cts compliant. First and foremost, many thanks goes to axis bank, india for providing helpful information. Chequebook definition of chequebook by the free dictionary. Cheque books of these banks valid only till december 31. Printers name with cts 2010 in left side of cheque. Here it seems you are asking about a cheque which is signed but not dated and no other details are filled in. Everything you need to know about cts 2010 cheques banking. April 14, 2015 dear all welcome to the refurbished site of the reserve bank of india. No any cheque that is a non cts cheque will be returned by the bank as not a valid instrument under ni act. The main feature of cts2010 cheques is that a cheque can be cleared electronically. So it is necessary for all to understand how your new cheque format looks like. If you havent switched to cts cheques, you have 4 more months. Non cts compliant cheques cheques not compliant to the cheque truncation systemcts 2010 standards will be cleared thrice a week only, until 30 april, 2014.
One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise. For example, cheques of all banks would have the watermark at the centre of the cheque. Nov 16, 2017 sbi has said that the cheque books of these banks will not be valid after december 31. Cheque book issued prior to december 2010 is noncts compliant. Can you please mail me a scanned copy of the latest cheque leaf that is compliant with cts 2010. Features of cts2010 standard chequects cheque truncation. As per rbi guidelines, after march 31, 20, non cts 2010 standard compliant cheques will still be accepted for clearing but will be cleared at less frequent intervals. At the corner of the cheque you will find the cts2010 printed.
Will my old cheques that are not cts2010 still work. Cheque book issued prior to december 2010 is non cts compliant savings treasure accounts. Rbi guidelines on standardization of security features for cheque leaves, referred to as cts 2010 are aimed at enhancing customer safety and facilitating easier processing of cheques. A copy of cheque, cts 2010 compliant may please be used in explaining the requirements to be filled for the cheque leaves that can be used for transaction from january 01, 20 onwards. Non cts compliant cheques shall not be processed for clearing with effect from january 1, 2019, pnb said in a notification. Cheque truncation system cts or imagebased clearing system ics, in india, is a project of the reserve bank of india rbi, commenced in 2010, for faster clearing of cheques. Cts is the abbreviated form of cheque truncation system. A cts2010 cheque will not have to go through the process of physical clearance. Dec 16, 2012 you must obtain a cts 2010 compliant cheque book on or before 31st march 20. As per the revised guidelines of rbi the validity of noncts compliant cheques have been extended till 31st a july 20.
Therefore, we recommend you to place a request for a new cheque book. The reserve bank of india has extended validity of old cheque book non cts 2010 standard up to july 31, 20. Policy and procedure on cheque collection and immediate. Sbi is arranging to send these new series of cheque books to its. The deadline for switching to new format bank cheques under the cheque truncation system cts ended on wednesday. This video explains the validity period of cheque and amount of cheque. As per guidelines, non cts 2010 cheques issued by bank in india will be withdrawn from circulation by march 31, 20. However they can be used to withdraw cash or transfer funds within the same bank. As per rbi guidelines, non cts 2010 standard compliant cheques will be accepted for clearing up to july 31, 20. Watermark cts india to be visible cheque is held against any light. Please look for the letters cts2010 printed perpendicularly on the cheque leaf near the perforation on the left side as shown in the image. This service allows businesses to pay virtually any expense with credit cards, keeping more cash on hand. Reserve bank of india procedural guideline for cheque. So, the validity of non cts cheques is again extended, this time upto 30th april 2014.