Is your cheque book cts 2010 compliant paintings

Important message cts 2010 regulation applicable to. Words cts 2010 printed on the left hand side of the cheque leaf near perforation. The word cts 2010 printed on the left side of your cheques near the perforation the branch address should be printed on the left side top corner we would like to inform you that we have been issuing cts 2010 compliant cheque books since april 2011. Still using nonctc compliant cheques for making payments and havent got your old cheque books replaced with the cts2010 standard. Cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. Cheque truncation system cts or imagebased clearing system ics, in india, is a project of the reserve bank of india rbi, commenced in 2010. Rbi had asked banks to replace non cts 2010 compliant cheque books, but most banks are understood to be going slow.

Every account holder must deposit their non cts cheques and cheque books in their respective branch and get new cheque leaves or books as per the new cts 2010 standard. Also already circulated cheques will be replaced within 31st december 2012. Customers may need to surrender their old cheque books or cancel them and show proof of cancellation. Cts 2010 compliant cheques latest breaking news, pictures, videos, and special reports from the economic times. If you received your cheque book before august 2011, you are requested to order a. Cheque books of these banks valid only till december 31 ndtv. We would like to inform you that we have been issuing cts2010 compliant cheque books since. All chequebooks issued by the bank after aug 2011 are cts 2010 compliant. The advent of cts 2010 compliant cheques will make the existing cheques invalid from 31 july 20. If the above letters are present, your cheque book is cts 2010 compliant 5. Punjab national bank pnb has asked its customers to get their non cts compliant cheques replaced as these instruments will not be accepted for clearance in the banking system from january.

As rbi is moving towards accepting only cts 2010 compliant cheques, non cts cheques should not be used post 31st march, 20. As per rbi guidelines, non cts 2010 standard compliant cheques will be accepted for clearing up to july 31, 20. 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 non compliant one to the bank. 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. Your cheque book may be invalid from jan 1, 20 rediff. Enquiries reveal that issue of non cts cheque truncation system compliant demand drafts by banks pose a lot of hardship, especially delay in encashment of the instrument.

If your cheque book has been indented prior to 1st january 2012, you are requested to indent for new cheque book at the earliest to avoid any inconvenience. Before issuing or depositing a cheque, check with your bank on the limit over which a cheque is considered. Master circular on collection of cheques idbi bank. Cts 2010 standard cheques will be cleared on all working days. As advised by the rbi, all banks have adopted cts 2010 standard in cheque. Cheque truncation system cts aims to make cheque clearance more efficient and reduce the clearance time of cheques to one day, thereby trimming down the floating time considerably. The benchmark prescriptions are collectively known as cts 2010 standard. Therefore, before issuing or receiving any cheque, ensure that it is cts compliant.

If not rush to bank we are in the month of december already, and we are quite sure that many of you would be jotting down your a. We are pleased to advise that we have been issuing payable at par cts 2010 standard compliant cheque books to our customers since march 2012. Everything you need to know about cts 2010 cheques. New cts cheque contains information of printer where they are printed along the words cts 2010 mentioned along the area where we tear off the leaf from the cheque book. Security features introduced in cheque under the scheme of cts cheque truncation.

And you must do it latest by december 31, 2018, if you dont want your. Cheque book issued prior to december 2010 is non cts compliant savings treasure accounts. As per rbi guidelines, non cts 2010 standard cheques will be withdrawn from circulation by 31december20. If you are looking to write a cheque or planning to encash from april 1, 20, make sure your cheque complies with the reserve banks cheque truncation system cts 2010 standards. There are some banks which prints banks details in bilingual.

Non cts compliant cheques shall not be processed for clearing with effect from january 1, 2019, pnb said in a notification. Non cts cheques may face further clearance delay from may 1. If you are still unable to login, please lodge a complaint. Watch the demo video to know why the new cts system speeds up cheque clearing times for you, and how to identify a cts compliant cheque. It is illegal to issue a blank or post dated cheque.

Important notification regarding cts 2010 standard cheques dear customers, if you are currently using cheque books issued to you by rblbank before july 2011, please apply for a new cheque book urgently. Of late you must have noticed advertisements in newspapers put up by banks urging account holders to stop circulating non cts compliant cheques and replace their old cheque books with new cts. If your chequebook is not compliant with rbis cheque truncation system cts, implemented from october 1, it may be invalid from january 1, 20. Reserve bank of india has issued guidelines on standardisation and enhancement of security features for cheque leaves referred to as cts 2010. These features are aimed at enhancing customer safety and facilitating easier processing of cheques. Though the reserve bank of india deadline for issuing new cheques under the cts. Cheque books issued, by the bank, on or after 1st january 2012 are cts 2010 standard compliant. 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. Banks, customers go slow in adopting new cheque book the hindu. So, better hurry up if you havent got your old cheque books replaced with cts 2010 standard cheque books. Please note, from 1st may 2014 to 31st october 2014, non cts cheques clearance will be limited to twice a week mondays and fridays. The customers who have deposited non cts cheques as postdated cheques pdcs for emis to a finance company, or bank for repayment of a loan, will have to replace these with the compliant ones for instalments after 31 july.

Your cheques can be permanently banned after january 1. It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts 2010. Post dated cheques issued by you and due after 31st march 20, needs to replace by cts 2010 compliant cheques. Refer to section 6 of negotiable instruments act and s. Automate check clearing top image systems top image systems. 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. If not, we would request you to visit your bank and apply forcollect new cts 2010 standad compliant cheques for efficient banking activity. Study of genuine and forged indian bank cheques by using video. 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.

Get your non cts cheque book replaced immediately, it said. The reserve bank of india rbi on monday extended the deadline to migrate to newlook cheques cts 2010 standard cheques with more security and standardised features to. Noncts cheques may face further clearance delay from may. The last date when the existing noncts 2010 compliant cheques will be entertained is. The apex bank had earlier set december 31, 2012, as the deadline for the implementation of the new cheque standards across all banks and nbfcs. If you received your cheque book before august 2011, you are requested to order a new one. Cheque truncation system cts or imagebased clearing system ics, is a project undertaken by the reserve bank of india rbi, for faster clearing of cheques. Starting 1 august 20 only cts2010 compliant cheques would be accepted for clearing. If your cheque book is issued prior to august 2011, you are requested to indent for a new cheque book to avoid any inconvenience.

Cheque book issued till 04 november 2012 is non cts compliant is my cheque cts compliant. The branch address and ifsc code should be on the top left side of the cheque 2. Banks, customers go slow in adopting new cheque book the. The advent of cts2010 compliant cheques will make the existing cheques.

Just observe if the 5 things mentioned above are visible on your existing cheque leaf or not. 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 look for the letters cts 2010 printed perpendicularly on the cheque leaf near the perforation on the left side as shown in the image. All banks providing cheque facility to their customers have been advised to issue only cts 2010 standard cheques. If these features are present in your cheque book, it is a cts compliant one. Please identify if your existing citibank account cheque book is cts 2010 compliant. Cheque issuing banks shall make all efforts to withdraw the non cts 2010 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. Sourced a lot of information from wikipedia and yahoo finance. Everything you need to know about cts 2010 cheques banking. Cheque books compliant with cheque truncation system. 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.

Cheque truncation system reduces the scope for clearingrelated frauds. Since rbi is now moving towards accepting only cts 2010 standards compliant cheques, please note that the old non cts 2010 compliant cheques should not be used post 31st december, 2012. The net banking features of associate banks are almost similar to those of sbi, states the. Can you please mail me a scanned copy of the latest cheque leaf that is compliant with cts 2010. Therefore, we recommend you to place a request for a new cheque book. Identify whether your existing citibank account cheque book is cts 2010 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 non cts 2010 standard cheques with cts 2010 standard cheques.

Everything you need to know about cts 2010 cheques banking basics hdfc bank. As per our earlier communication to you, cheque books issued prior to july 2011 arenot cts 2010 compliant and wont be valid henceforth. The branch address should be printed on the left side top corner. Change the way you pay your credit and debit card instore,within mobile apps or online. To help you identify whether the cheque book you currently hold is cts compliant or not, you can look for the following features. 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. No replacement fee will be charged by the bank for issuing new cheque books. How to identify my cheque book cts2010 standard compliant. As per reserve bank of india rbi guidelines, cheque books issued by banks need to be compliant with the cheque truncation system cts 2010 standards. If they are, then your cheque book is cts compliant. In the year 2010, rbi came up with the guidelines for cheque truncation system. 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.

Is your cheque book cts2010 compliant standard chartered india. Similarly, the punjab national bank informed their customers to replace their non cts compliant cheques. Deadline for cts compliant cheques extented to 31st july 20 uncategorized march 25, 20 leave a comment the reserve bank of india rbi has asked banks to issue new cts2010 compliant cheque books under the new format and has given. Whether or not your country is cts compliant, eflow cps allows you to. Important notification regarding cts2010 standard cheques. Cheques not complying with cts 2010 standards will be cleared at less frequent intervals i. So it is necessary for all to understand how your new cheque format looks like. You need to apply in your bank for the same and it is available free of cost. Several banks that promised to send ctscompliant cheque books to the. One can find this symbol where we write amount in figures. Deadline for cts compliant cheques extented to 31st july. Rbi had asked banks to replace noncts 2010 compliant cheque books, but most banks are.

Cts 2010 the banks would need to upgrade a few things to comply with cts 2010. Request through online banking phone banking numbers. She has also published 1 book and presentedpublished many papers. Your old cheque leaves may not be valid after march 31, 20, as the rbi has instructed all banks to implement the cheque truncation system. Noncts compliant cheques, drafts still in circulation. We are glad to inform that axis bank has started issuance of cts 2010 cheque book post august 2011. Only cheque books issued after aug 2011 are cts 2010 compliant. Here it seems you are asking about a cheque which is signed but not dated and no other details are filled in. Starting april 1st, 20 only cts 2010 compliant cheques would be accepted for clearing.