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. Earlier, cheques deposited by customers used to be presented by the collecting bank to the paying bank over the counter of t. Important message cts 2010 regulation applicable to. Cts 2010 compliant cheques latest breaking news, pictures, videos, and special reports from the economic times. 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.
You can place a request for a new cheque book through internet banking, our 24 hour customer care or. 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. Request you to make a note that noncts compliant cheques would. You can check if you hold a cts compliant cheque book by verifying if the cheque leaves have the features mentioned above. A copy of cheque, cts2010 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. Simple guide for customers to identify if their cheques are cts. So it is necessary for all to understand how your new cheque format looks like.
Do not accept cheques with alterations even if they have been countersigned. You must ensure that your cheque book is cts2010 compliant. Identify whether your existing bank accounts cheque books are cts2010 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 noncts2010 standard cheques with cts2010 standard cheques. Therefore, we recommend you to replace your non cts 2010 cheque book with a new cheque book at the earliest. 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. The cheque truncation system cts is a process of stopping flow of physical cheque in which an electronic image of the instrument is presented when it comes. Also, as the system matures, it is proposed to integrate multiple locations and reduce geographical restrictions in cheque clearing. They should preferably use imagefriendly coloured inks while writing cheques and avoid any alterations corrections.
Cheque books issued, by the bank, on or after 1st january 2012 are cts 2010 standard compliant. Cts standard cheques are aimed at enhancing customer safety and facilitating easier processing. 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. Non cheque truncation system cheques valid until july 19 mar, 20, 10. Nov 29, 2012 so please verify whether cheque book you have a already cts 2010 before rushing to bank to get a new one. We would like to inform you that we have been issuing cts2010 compliant cheque books since. You must ensure that your cheque book is cts 2010 compliant.
Order your new cts compliant cheque book today and deposit any old cheques like dividend cheques before june 1st 2011. 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. Bank customers rbi new guidelines 2019 non cts cheques stop. No clearance of noncts compliant cheques from january. My cheque book is not cts 2010 compliant, what to do. Kindly contact your nearest branch or call our customer care centre on local helpline 1800209455518001039897, international helpline 91446685 4555 or your relationship manager to request for a new cheque book. Mar 03, 2018 cts 2010 compliant cheque means, the cheque adheres to the cheque truncation system which started in 2010 in india, as per the guidelines of rbi. This year, there is something very important which you must do immediately, to ensure smooth financial transactions with your bank. The cheque truncation system cts is a process of stopping flow of physical cheque in which an electronic image of the instrument is presented when it comes for clearing. If you have availed a home or auto loan and issued postdated. 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. 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. Watch the demo video to know why the new cts system speeds up cheque clearing times.
The branch address should be printed on the left side top corner. Jan 12, 20 8 boxes to write the date in ddmmyyy format. Please sign abovea is written on the cheque at the bottom right side. Get your noncts cheque book replaced immediately, it said. Everything you need to know about cts 2010 cheques banking. Branch address with ifsc code printed top of the cheque. Will my old cheques that are not cts2010 still work. Please note that when you receive or issue a cheque, if. If you have ordered your cheque books recently, say, a month ago, you may already have the new cheque. How do i order a cts 2010 standard compliant cheque book. Sbi, hdfc, pnb, icici, bob, other bank customers these to become invalid noncts cheques used by customers of all banks including state bank of india sbi, hdfc bank, icici bank, bank of baroda, punjab national bank and others will become invalid from january 1. After i placed a request for new cheque book, i found that my existing cheque book issued to me in mar2012 was already a cts 2010 one. My cheque book is not cts2010 compliant, what to do.
There is a new symbol of rupees inserted near the numerical amount column. Also already circulated cheques will be replaced within 31st december 2012. If you received your chequebook before august 2011, you are requested to order a new one. Normally, when you issue a cheque to someone, he presents the cheque in his bank to get the credit. Cts 2010 standard cheques will be cleared on all working days. Following are the features of new cts 2010 compliant cheques. Cheque books not containing cts2010 cheque leafs are called noncts cheque books.
Starting 1 august 20 only cts2010 compliant cheques would be accepted for clearing. Banks customers should use cts 2010 cheques which are not only image friendly but also have more security features. Still using nonctc compliant cheques for making payments and havent got your old cheque books replaced with the cts2010 standard. 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. In case you have issued non cts 2010 standard post dated cheques pdcs.
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. And you must do it latest by december 31, 2018, if you dont want your cheques to. If you have ordered your cheque books recently, say, a month ago, you may already have the new cheque leaves with you. As per rbi guidelines, non cts 2010 standard cheques will be withdrawn from circulation by 31december20. Your cheques can be permanently banned after january 1, 2019. What does cts 2010 noncompliant cheque mean in icici. You can place a request for a new cheque book through internet banking, our 24 hour customer care or at any icici bank branch in india. Ensure you use a cts 2010 compliant cheque, and know the types of cheques for different purposes and the consequences of bounced cheques. International helpline 91446685 4555 or your relationship manager to request for a new cheque book. Published on sep 3, 20 cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. Customers are requested to ensure that in case of post dated cheques pdc issued to any officeservice vendorbanks from the dbs india cheque book issued as. You must obtain a cts 2010 compliant cheque book on or before 31st march 20. In the last step, the drawee bank, after going through the data and image thoroughly can accept the cheque.
You can also request for a new cheque book through dbs atm or internet banking. A bounced cheque can hit your credit score and the issuer. Change the way you pay your credit and debit card instore,within mobile apps or online. Cheque truncation system cts or imagebased clearing system ics, in india, is a project. Non cts compliant cheques shall not be processed for clearing with effect from january 1, 2019, pnb said in a notification. Get your non cts cheque book replaced immediately, it said. For the past 6 months, rbi has been announcing several times saying noncts2010 compliant cheques would be valid up to specific period. 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. Cheque truncation system reduces the scope for clearingrelated frauds. Cheque truncation system new benchmark for cheques in banks.
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. Features of new cts 2010 compliant cheque chequeman blog. 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. If you received your cheque book before august 2011, you are requested to order a. According to banking experts, cts2010 cheques have certain common security features and standardised field.
Is your cheque book cts2010 compliant standard chartered india. It might happen that your cheque s start bouncing and do not get accepted from jan 1, 20. Cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. Sep 03, 20 cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. However, if you have received the cheque book more than two or three months ago, you need to run a status check. How do i order a cts2010 standard compliant cheque book. Therefore, we recommend you to replace your noncts2010 cheque book with a new cheque book at the earliest.
Sep 03, 2012 it is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts 2010. Cts2010 standard cheques will have letters cts2010 printed vertically on the cheque leaf near the perforation on the left side as shown in the image below. You need to apply in your bank for the same and it. It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts2010. Request you to make a note that non cts compliant cheques would not be accepted by banks for clearing post 31 july 20. Cts2010 compliant cheque will have the printer details along with the text cts2010 printed on the extreme left hand of the cheque leaf. You must obtain a cts2010 compliant cheque book on or before 31st march 20. All chequebooks issued by the bank after aug 2011 are cts 2010 compliant. Sep 06, 2018 non cts compliant cheques shall not be processed for clearing with effect from january 1, 2019, pnb said in a notification. Three things to know if you still use cheques livemint. The biggest advantage is that cts compliant cheques are more secure than old cheques and, hence, less prone to frauds. Cts2010 compliant cheque will have letters cts2010 printed vertically on the. In the year 2010, rbi came up with the guidelines for cheque truncation system. New cts cheque contains information of printer where they are printed along the words cts2010 mentioned along the area where we tear off the leaf from the cheque book.
Cheque truncation system cts refers to rbis plan to discontinue routing paper cheques all the way from the drawees bank branch to the issuers branch. 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. Cheque truncation system is a step by step process to simplify the conventional means of cheque clearance. Identify whether your existing citibank account cheque book is cts2010 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 noncts2010 standard cheques with cts2010 standard 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. Nov 29, 2012 identify whether your existing citibank account cheque book is cts2010 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 noncts2010 standard cheques with cts2010 standard cheques. As per the revised guidelines of rbi the validity of noncts compliant cheques have been extended till 31st a july 20. Pnb the cheque truncation system cts is a process of stopping flow of physical cheque in which an electronic image of the instrument is.
These cheques have cts 2010 printed near the left margin. As per the negotiable instruments act, every cheque is required to be presented to the drawee paying bank for payment. Customers may requestinsist their banks for cheque forms that are compliant with the cts 2010 standard. However some of the features of cts cheques are cheque printer details. 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. Request you to make a note that noncts compliant cheques would not be accepted by banks for clearing post 31 july 20. 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. Get ready to order new india cheque books times of. 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. Cts 2010 the banks would need to upgrade a few things to comply with cts 2010 standards of rbi. Banks will decline to process the cheque and will request the customer obtain a cts compliant cheque.
Just check, whether your existing cheque book is ctscompliant or you need to get a new ctscomplaint cheque book issued before 31st december 2012. Free atm usage, cheque book, statements and direct debits. Cheque truncation system cts cheque printing software. Though the reserve bank of india deadline for issuing new cheques under the cts 2010 cheque truncation system is coming to an end on march 31, many banks are yet to provide the new series of cheque. Cts 2010 compliant cheque means, the cheque adheres to the cheque truncation system which started in 2010 in india, as per the guidelines of rbi.
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. Only cheque books issued after aug 2011 are cts 2010 compliant. As per the revised rbi guidelines, the deadline of use of non cts compliant cheques have been further extended till 31st december 20. Dec 19, 2018 so, better hurry up if you havent got your old cheque books replaced with cts2010 standard cheque books. Everything you need to know about cts 2010 cheques. You need to apply in your bank for the same and it is available free of cost. There is a new standard in banking called as cheque truncation system or cts 2010, which all the banks have to follow now. Under the cts system, the physical movement of cheques between banks will be eliminated. Go to your bank branch and request for a new cheque book or order one. Still using nonctc compliant cheques for making payments and havent got your old cheque books replaced with the cts2010 standard cheque books. Just check, whether your existing cheque book is cts compliant or you need to get a new ctscomplaint cheque book issued before 31st december 2012. All currently existing cheque books will be replaced with new cts compliant books that will be requested ordered for by the customers from their respective banks in the usual manner. One can find this symbol where we write amount in figures.
Cts 2010 compliant cheques blogs, comments and archive news on. What will happen if an old cheque is received after cutoff date. Cts 2010 the banks would need to upgrade a few things to. If you are still in use of nonctc cheque books, then it is in your own. Can you please mail me a scanned copy of the latest cheque leaf that is compliant with cts 2010.