Sbi, hdfc, pnb, icici, bob, other bank customers these to become invalid. Also all the current circulated cheques will be replaced within 31st march, 20. Cts2010 standard cheques free book on indian stock market. 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.
There are many people out there who own a bank account with icici bank and are also quite happy with the banking services offered by the bank. In this system of clearing, the collecting bank need not present the physical cheque to the drawee branch. Cheque truncation system cts is a cheque clearing system undertaken by the reserve bank of india rbi for faster clearing of cheques. Like one of the reader found out that he already has the right cheques. Noncts compliant cheques shall not be processed for clearing with effect from january 1, 2019, pnb said in a notification. 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. Issue of micr cheque sb only multicitycts 2010 standard cheques chequebook with 25 leaves free in a year from the date of opening personalized cheque book rs. What does cts 2010 noncompliant cheque mean in icici. There will be no value cap for pap cheque issuance and no charges will be levied for payment of pap cheques. You need to apply in your bank for the same and it is available free of cost. Cheque truncation system new benchmark for cheques in banks. As per the said new rbi guidelines, banks have been advised to issue only cts 2010 standard multicitypayable at par cheques to their account holders. An instrument may not be honoured owing to a single reason or due to multiple reasons.
So, better hurry up if you havent got your old cheque books replaced with cts 2010 standard cheque books. Rbi extends cheque upgradation deadline till march next year 14 dec, 2012, 01. All banks providing cheque facility to their customers have been advised to issue only cts2010 standard cheques. Finance guru speaks millennial approach to mutual funds. These features are aimed at enhancing customer safety and facilitating easier processing of cheques. Jan 12, 20 8 boxes to write the date in ddmmyyy format. Cheque collection policy customer care state bank of india. The benchmark prescriptions are collectively known as cts2010 standard. Cts2010 standard cheques will have letters cts2010 printed vertically on the cheque leaf near the perforation on the left side as shown in the image below. We have sent notifications to our customers through mail, web portal as well as put up notices at our branches to inform customers about the deadline and. 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. Cbs enabled banks should issue only payable at par cheques.
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 books latest by december 31. Get your noncts cheque book replaced immediately, it said. Can you please mail me a scanned copy of the latest cheque leaf that is compliant with cts 2010. Accordingly, the central bank has decided to put in following arrangements for clearing of residual noncts2010 standard cheques. Indias largest public lender state bank of india sbi has told its customers that they will no longer be able to use noncts cheques from december 12. Bank customers do not need to discard their non cts 2010 standard cheque books in a hurry to get their multicity cts 2010 standard cheque leafs.
New cheque book request download bank forms, entrance. Reserve bank of india has issued guidelines on standardisation and enhancement of security features for cheque leaves referred to as cts 2010. Icici bank is one of the biggest and most trusted banks which is operating in india. Separate clearing session will be introduced in the three cts centers mumbai, chennai and new delhi for clearing of such residual noncts 2010 instruments including pdc and emi cheques from january 1, 2014. It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts 2010.
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 the collecting bank branch and transmitted. And the customers to this respect have been asked to get their noncts cheque book replaced and instead get the new cts2010 standard chequebook for free. If the cheque book is not with cts2010 cheque leafs, they are referred to as noncts cheque books. Reserve bank of india has issued guidelines on standardisation and enhancement of security features for cheque leaves referred to as cts2010. Cts 2010 standard cheques will have letters cts 2010 printed vertically on the cheque leaf near the perforation on the left side as shown in the image below. These cheques have cts 2010 printed near the left margin. Identify whether your existing citibank account cheque book is cts2010 compliant request for a new cheque book, if required also, please note that rbi has advised all banks holding postdated emi cheques to arrange for replacement of noncts2010 standard cheques with cts2010 standard cheques. Upon the commencement of special session for non cts 2010 standard instruments, banks will return the non cts 2010 instruments, if any, presented in. To request a cheque book, select the account primary or nonprimary. The reserve bank has asked all cbs core banking solutions enabled banks to issue only payable at par or multicity cheques to their customers to bring about more efficiency in cheque clearing. Further, in case you have issued non cts 2010 standard postdated cheque s pdcsequated monthly instalment emi cheques for repayment of your loan, you are.
A reproduction of the sample cheque available on rbis website. All residual noncts2010 cheques with customers will continue to be valid and accepted in all clearing houses including the cheque truncation system cts centres for another four months up. Fintotal news analysis noncts2010 cheques will take. Follow uniform holiday calender for cts cheque clearing. Rrbs lax in adapting to new ctc cheque format lucknow. Banks like icici bank and axis bank had already started issuing cts2010 compliant cheque books since last year. Rbi guidelines on standardization of security features for cheque leaves, referred to as cts2010 are aimed at enhancing customer safety and facilitating easier processing of cheques. Cheque return policy the main objective of cheque return policy is to identify the situations under which an instrument presented by the presenting bank, in either cts or micr clearing, is returned. Allottment of bank codes is centralised at the office of the chief general manager incharge, department of information technology, reserve bank of india, central office, shahid bhagat singh marg, mumbai400001. Cts 2010 compliant cheque means, the cheque adheres to the cheque truncation system which started in 2010 in india, as per the guidelines of rbi. Noncts cheques used by customers of all banks including state bank of india sbi, hdfc bank, icici bank, bank of baroda, punjab national.
And you must do it latest by december 31, 2018, if you dont want your cheques to. These have enhanced features for customer safety and make processing of cheques easier. So, better not to waste much time and get your new cheque books soon from your bank. The cheque truncation system cts is basically an online imagebased clearing system ics. If you have ordered your cheque books recently, say, a month. Vivek dwivedi, deputy bank manager, icici bank ltd, said, earlier, we had to spend a lot of time. As per guidelines, non cts 2010 cheques issued by bank in india will be withdrawn from circulation by march 31, 20. View image above if your cheque is not of cts2010 standards then you need to apply for new cheque book of this standard and surrender the older cheques. 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. In case of nonprimary, provide the last 6 digits of the account number.
Its mentioned on the side line of the cheque as cts2010 to identify whether its cts2010 standards or not. As per guidelines, non cts2010 cheques issued by bank in india will be withdrawn from circulation by march 31, 20. Effective december 31st, 2012 usage of non cts 2010 standard cheques would not be applicable with regard to your investments. Also already circulated cheques will be replaced within 31st december 2012. Cts 2010 standard cheque book issued to the customers will have cheque leaves with letters cts 2010 printed vertically on the cheque leaf near the perforation on the left hand side. This is after taking into consideration the availability of processing infrastructure for clearing outstation cheques at all clearing locations across the country and to bring about further. Punjab national bank pnb has asked its customers to get their noncts compliant cheques replaced as these instruments will not be accepted for clearance in the banking system from january. Identify whether your existing bank accounts cheque books are cts2010 compliant request for a new cheque book, if required also, please note that rbi has advised all banks holding postdated emi cheques to arrange for replacement of noncts2010 standard cheques with cts2010 standard cheques.
Most of the account holders even like to recommend this bank to their friends and family. It is now mandatory for banks to strictly issue standardized and enhanced new format of cheques called cts2010. Erp 9 provides users with the option of preconfigured cheque printing. A copy of cheque, cts2010 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. The presenting bank captures the cheque images and magnetic ink charecter recognition micr data from end to end precise scanners by using the capture. Cheque truncation system cts 2010 is a new standard of cheques issued by rbi in 2010. Indias largest lender the state bank of india sbi will implement the cheque truncation system cts 2010, the new standard of cheques as mandated by the reserve bank of. Just check, whether your existing cheque book is ctscompliant or you need to get a new ctscomplaint cheque book issued before 31st december 2012. A list of readytouse cheque formats for different banks are provided to use them in as is condition or alter them to fit your requirements. So it is necessary for all to understand how your new. Only cts 2010 standard cheque books are to be used after. Cheques not complying with cts2010 standards will be cleared at less frequent intervals i.
You can request for new cheque books by dropping this form in a cheque drop box at icici bank atms or branches or by calling icici bank 24hour customer care. Cts2010 standard cheques will not be physically moved between presenting bank and drawee bank. It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts2010. Cts is intended to bring a more secure and universalised standard of payment across the country. Cts 2010 standard cheques will have the letters cts 2010 printed vertically on the cheque leaf near the perforation on the left side as shown in the image below. You can also define custom cheque formats to meet your needs.