Banks, including HDFC and ICICI, will implement same-day cheque clearance starting October 4, following RBI guidelines.
Cheques deposited will be cleared within hours, and customers must ensure adequate balance and correct cheque information to avoid bounces.
The Positive Pay System is recommended for security, requiring submission of cheque details 24 hours in advance for amounts over Rs 50,000.
The system utilizes the Cheque Truncation System (CTS) for electronic image transmission, helping minimize physical cheque transfers.
For amounts exceeding Rs 5 lakh, Positive Pay is mandatory. Customers are advised to ensure accuracy in cheque details to prevent rejections.
Source – sarkaritel.com
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