Is your cheque book cts 2010 compliant propeller

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. Therefore, we recommend you to replace your non cts 2010 cheque book with a new cheque book at the earliest. All compliant cheques will have cts2010 printed on the left side of each cheque leaf. 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. Cheque books issued, by the bank, on or after 1st january 2012 are cts 2010 standard compliant. You can check if you hold a cts compliant cheque book by verifying if the cheque leaves have the features mentioned above. 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, non cts 2010 standard compliant cheques will be accepted for clearing up to july 31, 20. Cheque book issued prior to december 2010 is noncts compliant savings treasure accounts. There is a new standard in banking called as cheque truncation system or cts 2010, which all the banks have to follow now.

Get ready to order new india cheque books times of. 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. Three things to know if you still use cheques livemint. Cheque book issued prior to december 2010 is noncts compliant. If the above letters are present, your cheque book is cts 2010 compliant 5. All residual non cts 2010 cheques with customers will continue to be valid and accepted in all clearing houses including the cheque truncation system cts. No clearance of noncts compliant cheques from january. 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. This is what you should do, 5 out of 5 based on 2 ratings. Change the way you pay your credit and debit card instore,within mobile apps or online. You need to apply in your bank for the same and it.

Just check, whether your existing cheque book is cts compliant or you need to get a new cts complaint cheque book issued before 31st december 2012. Cheque book issued till 04 november 2012 is noncts compliant is my cheque cts compliant. If you have ordered your cheque books recently, say, a month ago, you may have already received cts compliant cheque leaves, since most banks have already migrated to the new system. Hey rindia, i rarely use my cheque book and i just realized that mine is not cts 2010 compliant. The benchmark prescriptions are collectively known as cts 2010 standard. The branch address should be printed on the left side top corner. As per the negotiable instruments act, every cheque is required to be presented to the drawee paying bank for payment. Everything you need to know about cts 2010 cheques banking. Non cts compliant cheques shall not be processed for clearing with effect from january 1, 2019, pnb said in a notification. Important message cts 2010 regulation applicable to. Everything you need to know about cts 2010 cheques. We are pleased to advise that standard chartered bank has been issuing cts 2010 standard compliant cheque books to our customers since april, 2011. Cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india.

You may be using a physical cheque book, but at the backend, banks. 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 cts2010 standard cheques with cts2010 standard cheques. You can also look for cts 2010 mark on the left hand side of your chq leaves as shown in above image. Simple guide for customers to identify if their cheques are cts. The rbi has issued standards for the cts2010 cheque book, which can be accessed at ecs debit. 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.

Ensure you use a cts 2010 compliant cheque, and know the types of cheques for different purposes and the consequences of bounced cheques. 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. The introduction of new cheque standards cts 2010 was warranted on account of several developments in the cheque clearing namely growing use of multicity and payableatpar cheques at any branch of a bank, increasing popularity of speed clearing for local processing of outstation cheques and implementation of grid based cts for imagebased. 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. If your cheque book is issued prior to august 2011, you are requested to indent for a new cheque book to avoid any inconvenience.

All customers who hold the earlier cheque books issued by the bank are requested to apply for a new cheque book as per the cts 2010. Only cheque books issued after aug 2011 are cts 2010 compliant. As per rbi guidelines, non cts 2010 standard cheques will be withdrawn from circulation by 31december20. 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. The reserve bank of india rbi has introduced a new format for cheques, the cts 2010. 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. Rbi has issued a circular telling all banks that they should only process and accept those cheques which follow cts guidelines what is cheque truncation system or cts. Come april 20 and your old cheque books from your bank account in india will become void. Check your current cheque book is it valid new cts. Therefore, we recommend you to place a request for a new cheque book. I issued a post dated cheque last month and wanted to check if that can be cleared.

Please identify if your existing citibank account cheque book is cts 2010 compliant. Non cts2010 complaint cheques valid up to jul20how does this impact you. All residual noncts2010 cheques with customers will continue to be. Please note that when you receive or issue a cheque, if. Still using nonctc compliant cheques for making payments and havent got your old cheque books replaced with the cts2010 standard.

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. The advent of cts 2010 compliant cheques will make the existing cheques invalid from 31 july 20. Is your cheque book cts2010 compliant standard chartered india. 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. Cheque truncation system cts is a cheque clearing system undertaken by reserve bank of india rbi that aims at reducing the time involved in cheque clearing to one day. Get your non cts cheque book replaced immediately, it said. Customers may need to surrender their old cheque books or cancel them and show proof of cancellation.

Cts 2010 standard cheques will be cleared on all working days. If you received your cheque book before august 2011, you are requested to order a. 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. Thus, it is considered as the major landmark in the indian banking industry. Your cheques can be permanently banned after january 1, 2019. A bounced cheque can hit your credit score and the issuer.

If you have availed a home or auto loan and issued postdated. 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. As per rbi guidelines, after july 31, 20, non cts 2010 standard compliant cheques will still be accepted for clearing but will be cleared at less frequent intervals. 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. However, if you have received the cheque book more than two or three months ago, you need to run a status check. We would like to inform you that we have been issuing cts2010 compliant cheque books since. For the past 6 months, rbi has been announcing several times saying non cts 2010 compliant cheques would be valid up to specific period. Look for cts india mark on your present cheque leaves by holding it against light source. All chequebooks issued by the bank after aug 2011 are cts 2010 compliant. Sbi customers can deposit their non cts cheque in their respective branch and get free new cts 2010 standard chequebook.

Ensure you use a cts 2010compliant cheque, and know the types of. Earlier, cheques deposited by customers used to be presented by the collecting bank to the paying bank over the counter of t. It might happen that your cheque s start bouncing and do not get accepted from jan 1, 20. Cheque truncation system cts explained bankexamstoday. Cheques not complying with cts 2010 standards will be cleared at less frequent intervals i. If your cheque placement does not look like the one in the image above and does not have cts2010 printed on it, you must do new cheque book requests from your bank quickly. Request through online banking phone banking numbers. If you have ordered your cheque books recently, say, a month ago, you may already have the new cheque. 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. Supervalue account free atm usage, cheque book, statements and direct debits. Cheque truncation system new benchmark for cheques in banks. In an official notice on its website, hdfc bank says separate sessions for clearing of non cts cheque will be discontinued from december 31.

No replacement fee will be charged by the bank for issuing new cheque books. Banks, customers go slow in adopting new cheque book the. Sbi to accept cheques conforming to new standards from jan. 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. Sourced a lot of information from wikipedia and yahoo finance. Cheque truncation system cts cheque printing software.

You need to apply in your bank for the same and it is available free of cost. Therefore, we recommend you to replace your non cts 2010 cheque book with a new cheque book. 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. Rbi had asked banks to replace non cts 2010 compliant cheque books, but most banks are understood to be going slow. If it is not marked then ask your bank to issue you a fresh cheque book in cts format.