Cts 2010 standard cheques will be cleared on all working days. Therefore, we recommend you to place a request for a new cheque book. Your old cheque leaves may not be valid after march 31, 20, as the. The advent of cts 2010 compliant cheques will make the existing cheques invalid from 31 july 20. Nov 29, 2012 please note that as per rbi guidelines, non cts 2010 cheques should be withdrawn before december 31, 2012.
As per the guidelines the new cheques need to have. Check your current cheque book is it valid new cts. If your cheque book is already cts 2010 compliant, you can continue using the same and there is no further action required. Our cheque scanners are available through our partners forbes technosys ltd. Non cts compliant cheques shall not be processed for clearing with effect from january 1, 2019, pnb said in a notification. Digital check offers a variety of scanners that meet the specifications for indias cts 2010 cheque truncation system. As per guidelines, non cts 2010 cheques issued by bank in india will be.
Jan 12, 20 8 boxes to write the date in ddmmyyy format. Cheques issued by any bank needs to be compliant with cheque truncation system cts 2010 standards, according to rbi reserve bank of india guidelines. Dec 07, 2018 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. 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. Rbi has decided to launch this system and all banks across india are required to follow rbi guidelines in this regard. Cheque truncation system cts cheque printing software. Cheque truncation system cts 2010 standards bankbazaar. You must first ensure that you use only cts2010 compli. Dec 31, 2012 come april 20 and your old cheque books from your bank account in india will become void. Citibank cheque books have been compliant with the new standards, since april 01, 2012. Get ready to order new india cheque books times of.
New format cheques from jan 1 the hindu businessline. As per rbi guidelines, non cts 2010 standard cheques will be withdrawn from circulation by 31december20. Is your cheque book cts2010 compliant standard chartered india. Important message cts 2010 regulation applicable to cts.
Cheques drawn should be written or printed clearly and should be legible so that on scanning, the image can be read clearly. Please note that as per rbi guidelines, non cts2010 cheques should be. As per rbi directives, periodicity for processing noncts cheques in cts. In case you have issued non cts 2010 standard post dated cheques pdcs.
All chequebooks issued by the bank after aug 2011 are cts 2010 compliant. Inspired me to do an article on how the cheques were getting cleared before january 1 20, new cts 2010 clearing process, new ctc 2010 compliant cheques, old and new cheques. Non cts2010 compliant cheques can be used for withdrawal of cash, for the purpose of obtaining demand draft or pay order, transfer of funds to another account with the same branch of the bank, etc. Noncts2010 complaint cheques valid up to jul20how does. Therefore, we recommend you to replace your non cts 2010 cheque book with a new cheque book at the earliest. If you havent switched to cts cheques, you have 4 more months. As per rbi guidelines, non cts 2010 cheques should be withdrawn before december 31, 2012. Dec 24, 2012 you must first ensure that you use only cts 2010 compliant cheque leaves from january 1, 20.
How do i identify if my cheque book is cts2010 compliant. What is the format of cts2010 standard cheque book. Ensure you use a cts 2010 compliant cheque, and know the types of cheques for different purposes and the consequences of bounced cheques. Dec 19, 2018 so, better hurry up if you havent got your old cheque books replaced with cts 2010 standard cheque books. Simple guide for customers to identify if their cheques are cts. Effective december 31st, 2012 usage of non cts 2010 standard cheques would not be applicable with regard to your investments. In case your cheque book is not cts 2010 compliant, please order a new one with your existing banker as per the regular process. Incase the cheque book you currently have is not cts2010 compliant as per the above features we request you to immediately order a new cheque book. Noncts cheques used by customers of all banks including state bank. You must obtain a cts 2010 compliant cheque book on or before 31st march 20. In view of the above, please ensure to deposit only cts 2010 standard cheques with bank of america with effect from january 1, 2014 to avoid delays in realization of non cts 2010 standard instruments.
Cts2010 compliant scanners for cheque truncation with uv. Cheque printer details along with cts2010 mentioned on the extreme left hand side, near. 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. As per rbi guidelines, now all banks have to issue cheques conforming to the cts 2010 standards with uniform features. Incase the cheque book you currently have is not cts 2010 compliant as per the above features we request you to immediately order a new cheque book. Get ready to order new india cheque books times of india. Cheque book issued prior to december 2010 is non cts compliant. In other words, if the non cts2010 compliant cheques have not to undergo the clearingprocess, then the same can be used.
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. Cheque truncation system new benchmark for cheques in banks. Client communication on implementation of cts 2010. Ccodcd rs 200 per event 5 issuance of cts 2010 compliant cheque books service fee. Cheque books compliant with cheque truncation system. Please note that when you receive or issue a cheque, if. Important message cts 2010 regulation applicable to. Rbi the cheque truncation system cts is in use since 2010 and covers around 1,50,000 bank branches across three cheque processing grids. Only cheque books issued after aug 2011 are cts 2010 compliant. Banks, customers go slow in adopting new cheque book the. Since you would have taken loan some years back, the cheques are not with you, but with banks or financial institutions from whom you have taken loan. The following are the features of cts 2010 cheques. If your cheque book is issued prior to august 2011, you are requested to indent for a new cheque book to avoid any inconvenience. As per the revised rbi guidelines, the deadline of use of non cts compliant cheques have been further extended till 31st december 20.
Dec 14, 2014 it may be not always possible to cheque whether cheques issued by you are cts 2010 compliant or not. Can you please mail me a scanned copy of the latest cheque leaf that is compliant with cts 2010. Since then, the deadline for replacing non cts cheques with cts compliant cheques had been revised many times. As per rbi guidelines, now all banks have to issue cheques conforming to the. However, it is now unlikely that the rbi will go beyond january 2019 deadline. 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.
This calls for your immediate action to make sure that your cheque book is cts compliant. As per the latest news, the mandatory date has been extended to 31 march 2012. The reserve bank of india rbi has introduced a new format for cheques, the cts 2010 standard as part. 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. All existing cheque books without this feature will continue to be honoured as per. Mar 18, 20 note that all new cheque books issued by indian banks compulsorily have to be cts 2010 compliant, so if you issued a new chequebook recently, it should be compliant. Request through online banking phone banking numbers. Know your new cts 2010 standard bank cheque format. The customers who have deposited noncts 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. Citibank cheque books have been compliant with the new. All residual non cts 2010 cheques with customers will continue to be valid and. No fee name fee category description and calculation logic. 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.
Secondly, do you have any knowledge that the leading private banks like axis, hdfc, icici, etc have been issuing such cts 2010 compliant cheque books since 2010. How to identify if cheque book is cts 2010 compliant or not. Cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. 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. Cheque printer details along with cts 2010 mentioned on the extreme left hand side, near. Tips to replace non cts2010 compliant cheques the economic. Strengthening the infrastructure of service branches for proper handling of cheques at their end bestowing special attention on the quality of equipment and personnel posted for cts based clearing, so that it is not merely a mechanical process. Jan 29, 20 since pdcs are customarily collected for three years in advance, there are 72 million cheques waiting to be sucked out of the system and replaced with cts 2010 compliant cheques.
Cheque books compliant with cheque truncation system cts 2010 standards as per reserve bank of india rbi guidelines, cheque books being issued by banks need to be compliant with cheque truncation system cts 2010 standards. You need to apply in your bank for the same and it is available free of cost. Please look for the letters cts 2010 printed perpendicularly on the. All cheques shall carry a standardised watermark, with the words cts india which can be seen when held against any. All new mcc cheque books printed by security printers will contain this feature along with existing security features. This shall ensure that the feel of cheques is uniform across banks. Get your non cts cheque book replaced immediately, it said. How does it work cheque truncation system is an online imagebased cheque clearing system which involves scanning of cheque images and subsequent electronic movement replication of these images within the. You can check if you hold a cts compliant cheque book by verifying if the cheque leaves have the. As per rbi guidelines, non cts 2010 standard compliant cheques will be accepted for clearing up to july 31, 20. Same standard cheque book received by me from my banker. Client communication on implementation of cts 2010 standards.
Ensuring the use of 100 % cts 2010 compliant cheques. Deadline for cts compliant cheques extented to 31st july. Know about deadline, process, benefits of issuing cts cheque book 2010 with sample cheque. If the letters cts 2010 are present here, your cheque book is cts 2010 standard compliant. Dear customer, please deposit cts compliant chequesi. Dec 16, 2012 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. 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. The advent of cts2010 compliant cheques will make the existing cheques invalid from 31 july 20. Identify if cheque book is cts 2010 compliant or not daily free day trading tips for nse and bse to make money with hot stock tips. If you received your cheque book before august 2011, you are requested to order a new one.
All existing cheque books without this feature will continue to be honoured as per existing instructions. Banks, customers go slow in adopting new cheque book the hindu. The reserve bank of india had issued a new guideline about cts cheques around three months ago. As per reserve bank of india rbi guidelines, cheque books issued by banks need to be compliant with the cheque. As per rbi guidelines, after march 31, 20, noncts2010 standard compliant. Please identify if your existing citibank account cheque book is cts 2010 compliant. On the whole, cts is a more secure, fast and organised approach to clearing cheques in the country. An electronic image of the instrument is presented for clearing. Many customers are yet to receive either individual intimation on the new. In order to avoid any fraud, it is advisable that cts 10 cheques are used. The guidelines for cts 2010 standard cheques were issued way back in 2010. Free atm usage, cheque book, statements and direct debits prime savings account enjoy exclusive dining privileges, cashbacks and much more.
Identify whether your existing citibank account cheque book is cts 2010 compliant request for a new cheque book, if required. Hdfc, icici, etc have been issuing such cts 2010 compliant cheque books since 2010. 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. How to identify whether yours is a cts 2010 chequebook. Cts2010 cheques have certain common security features and standardised field placements for enabling image based processing of. Dec 04, 2018 cts is the abbreviated form of cheque truncation system. 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. No clearance of noncts compliant cheques from january. So, the validity of non cts cheques is again extended, this time upto 30th april 2014.
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 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. Jan 15, 2014 non cts compliant cheques cheques not compliant to the cheque truncation system cts 2010 standards will be cleared thrice a week only, until 30 april, 2014. Mar 15, 20 rbi had asked banks to replace non cts 2010 compliant cheque books, but most banks are understood to be going slow. New rbi guidelines for cheque truncation consumer resources. Cheque books compliant with cheque truncation system cts. How to identify if cheque book is cts 2010 compliant or. All cheque scanners have been tested for compatibility in india through the digital check api. Cheque truncation system cts 2010 all banking solutions. Non cts compliant cheques cheques not compliant to the cheque truncation system cts 2010 standards will be cleared thrice a week only, until 30 april, 2014.
Still using nonctc compliant cheques for making payments and havent got. My cheque book is not cts 2010 compliant, what to do. Tips to replace non cts2010 compliant cheques 21 apr, 20, 09. Sep 03, 2012 as per the latest news, the mandatory date has been extended to 31 march 2012. And you must do it latest by december 31, 2018, if you dont want your cheques to. Trade like professionals with best indian stock market site in india. Go to your bank branch and request for a new cheque book or order one. We would like to inform you that we have been issuing cts2010 compliant cheque books since april 2011. In addition we would encourage you to ensure migration to cts 2010 compliant standard cheque. If your cheque book is non cts 2010 standard cheques, you are. Cts 2010 compliant cheques all remaining 18,000 bank branches to be under cts by sep. Cts 2010 standard paper should not glow under ultraviolet uv light i. Cheque truncation system cts or imagebased clearing system ics, in india, is a project undertaken by the. As per the rbi guideline, non cts cheque will become inivalid from 1 january.
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