Cheques deposited will be cleared within a few hours on the same day : RBI

New Delhi: Private banks, including HDFC Bank and ICICI Bank, have informed that they will start same-day cheque clearance from October 4, following the Reserve Bank of India’s updated settlement framework for quicker and more secure payments.

Key Features:

– Same-Day Clearance: Cheques deposited will be cleared within a few hours on the same day.
– Positive Pay System: This system will be mandatory for cheques above RS 5 lakh and recommended for cheques above RS 50,000. It requires providing cheque details at least 24 working hours prior to depositing the cheque.

Cheques deposited from October 4 will be cleared within a few hours on the same day under the new system. Both banks have urged customers to keep adequate balances to prevent cheque bounce and to ensure all cheque details are accurately filled to avoid delays or rejections.

Customers are also urged by the banks to use the Positive Pay System to enhance security, requiring prior submission of key cheque details for verification. Account holders must provide the account number, cheque number, date, amount, and beneficiary name to the bank at least 24 working hours prior to depositing cheques exceeding Rs 50,000. Banks will verify these details upon cheque presentation. Cheques will be cleared if the information matches; otherwise, the request will be rejected, and the drawer must resubmit the details.