Cts cheque clearance has indian banking moved ahead or behind. Cts is an online imagebased cheque clearing system where cheque images and magnetic ink character recognition micr data are captured at the collecting bank branch and transmitted electronically. If you are still in use of nonctc cheque books, then it is in your own. Hdfc bank offers you to opt for cheque book with 25 cheque leaves by online method. How to use the cheque printing configuration option in tally. In case you have issued non cts 2010 standard post dated cheques pdcs.
Request you to make a note that noncts compliant cheques would. Pap cheque book, free 25 cheque leaves per year financial year additional. Hdfc bank awards consistently awarded among indias best. 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 india. How to apply for a cheque book in hdfc bank onlineoffline. Most banks have already stopped clearing non cts cheques since january 1, 2019. Affiliate disclosure please note that there are affiliate links in the blog post.
Indias largest public lender state bank of india sbi has told its customers that they will no longer be able to use non cts cheques from december 12. Has cts cheque clearance made indian banking moved ahead or behind. Get your non cts cheque book replaced immediately, it said. Funds will be credited to the client account once in a day as. Noncts cheques to become invalid from january 1 goodreturns. It also supports customizing the banking services for consumers as per their convenient to. 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. Non cts compliant cheques shall not be processed for clearing with effect from january 1, 2019, pnb said in a notification.
My cheque book is not cts 2010 compliant, what to do. 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. If you have an account in hdfc bank then you must have the idea, how to apply for hdfc bank cheque book. Cheque truncation system cts, an online imagebased clearing system for faster clearing of. I hope you are clear about cheque truncation system cts and how your cheques will become invalid from jan 1,20. If you deposit it in a cts branch cheque truncation system which accounts for 95% of the branches today depending on when the cheque was deposited you could get the funds on the next working day late afternoon evening to the following day. Important message cts 2010 regulation applicable to. Cts has been implemented in new delhi, chennai and mumbai with effect from february 1, 2008, september 24, 2011 and april 27, 20 respectively. You can apply for your hdfc bank cheque book through netbanking, phonebanking or by filing an application at your branch. Cts cheque clearance has indian banking moved ahead or.
A cheque is used to withdraw money from a bank account for making various payments. As per an old rbi rule, noncts cheques will be invalid after january 1st, 2019. If you have ordered your cheque books recently, say, a month ago, you may already have the new cheque. How to apply for hdfc new cheque book request for hdfc. Simple guide for customers to identify if their cheques are cts. Only cheque books issued after aug 2011 are cts 2010 compliant. 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. How long does it take to clear a cheque of icici bank to. 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. 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. Is this a planned strategy to make use of non paper based transaction by banks.
No clearance of noncts compliant cheques from january. You can also define custom cheque formats to meet your needs. Further, in respect of the existing investors under this facility, no new cheques will be issued w. After migration of the entire cheque volume from micr system to cts, the traditional micrbased cheque processing has. An instrument may not be honoured owing to a single reason or due to multiple reasons. Similarly, in september this year, punjab national bank pnb had asked its customers to replace their non cts compliant cheques as they wont be accepted for clearance in the banking system from january. You can contact your home branch to open netbanking facilities for your account. Cheques drawn on metro nonmetro cities where hdfc bank has a branch, credit will be given on receipt of clear funds. After both of you have obtained the cheque books, you may proceed further. Check your current cheque book is it valid new cts. Without sale deed on buyer name,hdfc is not issuing chq. Once you have placed your request, you will get your cheque book delivered to your doorstep.
Cheques drawn on speed clearing branches at non cts locations. How to apply for hdfc cts cheque book online from mobile. After i placed a request for new cheque book, i found that my existing cheque book issued to me in mar2012 was already a cts 2010 one. Some of the unique features of hdfc ifsc code are listed below helps to.
You may also open an ac in the same branch of hdfc bank and obtain cts cheque book. Cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. Watch the demo video to know why the new cts system speeds up. Hdfc, punjab national bank, icici, bank of baroda and others. Cts or cheque truncation system is a process of clearing cheques through imagebased verification. Visibly, there will only be the following difference. Hdfc mf withdraws anytime cheques facility under its debt. Non cts cheques used by customers of all banks including state bank of india sbi, hdfc bank, icici bank, bank of baroda, punjab national. Just check, whether your existing cheque book is ctscompliant or you need to get a new ctscomplaint cheque book issued before 31st december 2012. Everything you need to know about cts 2010 cheques banking basics hdfc bank. Hdfc bank ifsc code, micr code, search bank details by. Please note, from 1st may 2014 to 31st october 2014, non cts cheques clearance will be limited to twice a week mondays and fridays. 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.
After the sale deed is registered buyer may deposit his cheque collected from hdfc bank on the spot in his hdfc bank ac for instant credit of funds. Non cts cheques may face further clearance delay from may 1. Why do clearance of cheque in indian banks like hdfc or. In an official notice on its website, hdfc bank says separate sessions for clearing of non cts cheque will be discontinued from december 31. Everything you need to know about cts 2010 cheques. All chequebooks issued by the bank after aug 2011 are cts 2010 compliant. Sbi customers can deposit their noncts cheque in their respective branch and get free new cts2010 standard chequebook.
Under cts, once you deposit the cheque in your branch, sbi will scan the cheque and send the digital image to rbi, which in turn will collect the money from icici. 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. 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. It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts 2010.
Cheque truncation system cts 2010 standards bankbazaar. Request for new cheque book to make your cheques valid. Private bankers such as icici bank and hdfc bank had started issuing cts 2010 compliant cheque books since last year as also public bankers such as the state bank of india, allahabad bank and united bank of india. Cts is the abbreviated form of cheque truncation system. If your cheque book is issued prior to august 2011, you are requested to indent for a new cheque book to avoid any inconvenience. Non cts 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. Noncts cheques may face further clearance delay from may. You need to have internet banking facility available in hdfc bank to request for cheque books through online banking. If your cheques are not cts 2010 complaint, there can realisation delays, as they will be cleared at less frequent intervals.
How to apply for hdfc new cheque book request for hdfc cts. Erp 9 provides users with the option of preconfigured cheque printing. Hdfc bank ifsc code is an 11digit alphanumeric code assigned to each hdfc branch by the rbi reserve bank of india. Savings bank account hdfc bank offers comprehensive range of savings accounts from regular to premium to suit your personal banking needs. Hdfc mututal fund has notified that the anytime cheques facility offered under its schemes shall stand withdrawn with effect from february 02, 2009. Published on sep 3, 20 cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. No longer will you be able to use non cts cheques and sbi customers will not be able to do so from december 12, while other bank customers will not be able to use non cts cheques from january 1. How to request for cheque book in hdfc online finances rule. Cts 2010 standard cheques will be cleared on all working days. How to order cheque books through hdfc bank internet banking. Cheque truncation system new benchmark for cheques in banks. Cheques drawn on bank branches at outstation centers will be collected using interbranch arrangements in vogue. The electronic version of the cheque is sent for clearance with all necessary details such as micr code, date and name of presenting bank. Sbi, hdfc, pnb, icici, bob, other bank customers these to become invalid.
So it is necessary for all to understand how your new cheque format looks like. Banks provide a booklet of cheques to serve this purpose. Cts or imagebased clearing system ics is an initiative of the reserve bank of india rbi for faster clearing of cheques. If you are still in possession of nonctc cheque books, then it is in your own interest to get those replaced with cts 2010 standard cheque books latest by december 31. Sbi is arranging to send these new series of cheque books to its customers at their last recorded address. So if have obtained your cheque book after august 2011 then you must have received the new format cheques but if you have old format cheques in your cheque book then your cheques may not be valid after december 31, 2012. December 31st is the last day of using non cts cheques for account holders of all banks including sbi state bank of india, hdfc. From april 20, all banks have to ensure the withdrawal of non cts 2010 standard cheques.
Apply for a cheque book you can apply for your hdfc bank cheque book through netbanking, phonebanking or by filing an application at your branch. 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. Bank customers rbi new guidelines 2019 non cts cheques stop. This code helps in making successful electronic transfer of funds from one bank account to another. Cts 2010 compliant cheque will have the printer details along with the text cts 2010 printed on the extreme left hand of the cheque leaf.
There are various ways in which you can request hdfc bank cheque book onlineoffline. If you have ordered your cheque books recently, say, a month ago, you may already have the new cheque leaves with you. As per rbi guidelines, non cts 2010 standard cheques will be withdrawn from circulation by 31december20. Hdfc bank is one of the best private banks, among others in terms of providing the best facilities to their account holders. Basic savings bank deposit account for farmers at hdfc bank.