All the customers of state sbi to introduce new cheque. My cheque book is not cts 2010 compliant, what to do. You need to apply in your bank for the same and it is available free of cost. A reproduction of the sample cheque available on rbis website. My cheque book is not cts2010 compliant, what to do. Sep 03, 20 cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. Cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. Can you please mail me a scanned copy of the latest cheque leaf that is compliant with cts 2010. Sbi customers can deposit their noncts cheque in their respective branch and get free new cts2010 standard chequebook.
The branch address and ifsc code should be on the top left side of the cheque 2. All banks providing cheque facility to their customers have been advised to issue only cts 2010 standard cheques. International helpline 91446685 4555 or your relationship manager to request for a new cheque book. 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. In case if your cts 2010 cheque book, you must obtain a new cts complied cheque book, and surrender the noncompliant one to the bank. You must have seen following advertisementnotice given by sbi in local newspapers. Rbi has issued a circular telling all banks that they should only process and accept those cheques which follow cts guidelines what is cheque. Cts 2010 the banks would need to upgrade a few things to comply with cts 2010 standards of rbi. 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. Dec 19, 2018 so, better hurry up if you havent got your old cheque books replaced with cts2010 standard cheque books. The benchmark prescriptions are collectively known as cts2010 standard. Non cts cheque book will not accept, sbi cheque book rule. Request you to make a note that non cts compliant cheques would not be accepted by banks for clearing post 31 july 20.
In an official notice on its website, hdfc bank says separate sessions for clearing of noncts cheque will be discontinued from december 31. Sbi notice the state bank of india, for instance, has put a notice on its website which says, as per rbi directives, periodicity for processing noncts. No clearance of noncts compliant cheques from january. Mar 18, 20 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.
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. I fail to understand sbis motive to earn from such mode, from the general. Similarly, in september this year, punjab national bank pnb had asked its. You can also request for a new cheque book through dbs atm or internet banking. What has been orally informed is that so long the details relaing to the ac no. As per the direction of reserve bank of india rbi, non cts2010 cheques will be withdrawn by 31st march 20. Cheque truncation system new benchmark for cheques in banks. You must obtain a cts 2010 compliant cheque book on or before 31st march 20. 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. Important message cts 2010 regulation applicable to cts.
One can find this symbol where we write amount in figures. If the cheque book is not with cts2010 cheque leafs, they are referred to as noncts cheque books. 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. Effective december 31st, 2012 usage of non cts 2010 standard cheques would not be applicable with regard to your investments. Noncts cheques may face further clearance delay from may 1. Cheque frauds can be greatly reduced with introduction of minimum security features prescribed under cts standards 2010, such as embedded verifiable features such as barcodes, encrypted codes. Cheque issuing banks shall make all efforts to withdraw the noncts2010 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. Cheque book issued prior to december 2010 is noncts compliant. A majority of banks, including sbi and pnb, have already informed their.
You should ask your party to provide cts cheques only. The deadline for new cheques under the cheque truncation system cts2010 has been extended till 31 march 20 by the rbi. No longer will you be able to use noncts cheques and sbi customers will not be able to do so from december 12, while other bank customers will. Cts2010 standard cheque introduced for standardization of security features and easy processing. Noncts cheques may face further clearance delay from may. Important message cts 2010 regulation applicable to. 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. Change your cheque book before 31st december certified. All chequebooks issued by the bank after aug 2011 are cts 2010 compliant. Sep 03, 2012 i enquired with sbt whether to change my holding cheque book to obtain the new cts 2010.
As per guidelines, non cts2010 cheques issued by bank in india will be withdrawn from circulation by march 31, 20. It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts2010. Its all about cts 2010 new cheque truncation system. May 09, 2020 rbi extends cheque upgradation deadline till march next year 14 dec, 2012, 01.
The benchmark prescriptions are collectively known as cts 2010 standard. To meet the objective, sbi has asked all its branches to issue only with uniform features conforming to cts 2010 standard cheques to their customers. Android hindi news app, ios hindi news app amarujala hindi news app. You must obtain a cts2010 compliant cheque book on or before 31st march 20. 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. Printing of mccs is now fully in conformity with cts 2010 standards. The measure is primarily aimed at serving duel objectives. The deadline for new cheques under the cheque truncation system cts 2010 has been extended till 31 march 20 by the rbi. All cts 2010 cheques will carry a standardized watermark with the words cts india which can be seen when the cheque is held against a light source.
No longer will you be able to use noncts cheques and sbi customers will not be able to do so from december 12, while other bank customers will not be able to use noncts cheques from january 1. Apr 29, 2014 non cts cheques may face further clearance delay from may 1. Yes, as per the new guidelines provided by rbi reserve bank of india all indian banks should follow cts 2010 cheque formats, and virtual splat has already taken care about this rule. The cheque presented the cheque in sbi,branch namesbi ccpc. Personalfn explains, what does a cts complaint cheque mean and why it is. Indian bank charges rupees thirty for one cts2010 cheque book, from customers. However some of the features of cts cheques are cheque printer details. Noncts compliant cheques shall not be processed for clearing with effect from january 1, 2019, pnb said in a notification. The word cts2010 must be printed on the left hand side of the cheque near perforation. 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.
State bank of india today said it will from january 1 accept only those cheques which conform to new standards. If the cheque book is not with cts 2010 cheque leafs, they are referred to as non cts cheque books. Jan 12, 20 8 boxes to write the date in ddmmyyy format. If you have ordered your cheque books recently, say, a month ago, you may already have the new cheque leaves with you. So it is necessary for all to understand how your new cheque format looks like. Sbi is arranging to send these new series of cheque books to its customers at their last recorded address. Many banks have still not asked their customers to surrender the noncts 2010 cheque books to reflect the change, a crosssection of. Earlier, cheques deposited by customers used to be presented by the collecting bank to the paying bank over the counter of t. Watch the demo video to know why the new cts system speeds up cheque clearing. 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. You can now print your cheque in cts2010 with out any worries. If you are an account holder of sbis erstwhile six associate banks including bharatiya mahila bank, your cheque books will become invalid from december 31.
If you have availed a home or auto loan and issued postdated. If your cheque book is issued prior to august 2011, you are requested to indent for a new cheque book to avoid any inconvenience. Sbi to introduce new cheque standard from jan 1 dumisoft. Only cts 2010 standard cheque books are to be used after. Just check, whether your existing cheque book is ctscompliant or you need to get a new ctscomplaint cheque book issued before 31st december 2012. 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. Again i want to remind you that from november onward non cts cheque will be presented only once in a week i. 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. Nov 29, 2012 so please verify whether cheque book you have a already cts 2010 before rushing to bank to get a new one. What is the format of cts2010 standard cheque book. The number of cheque leaves in the multi city payable at par cts2010 standard cheque books will be as under. There is a new standard in banking called as cheque truncation system or cts 2010, which all the banks have to follow now. Cheque frauds can be greatly reduced with introduction of minimum security features prescribed under cts standards 2010, such as embedded verifiable.
It might happen that your cheques start bouncing and do not get accepted from jan 1, 20. Cheques issued by any bank needs to be compliant with cheque truncation system cts 2010 standards, according to rbi reserve bank of india guidelines. Cheques not complying with cts2010 standards will be cleared at less frequent intervals i. Many banks have still not asked their customers to surrender the non cts 2010 cheque books to reflect the change, a crosssection of. Hence, the existing customers are now required to surrender their existing cheque book and ask for cts2010 benchmarked cheques. 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. In the year 2010, rbi came up with the guidelines for cheque truncation system. Rbi had issued a notification relating to the implementation of cts 2010 standard. Cts 2010 standard cheques will be cleared on all working days.
Watch the demo video to know why the new cts system speeds up cheque clearing times. Cts2010 cheque truncation system cheque is a new type of cheque introduced by reserve bank of india. Rbi extends cheque upgradation deadline till march next year 14 dec, 2012, 01. And you must do it latest by december 31, 2018, if you dont want your cheques to. Dec 19, 2018 sbi notice the state bank of india, for instance, has put a notice on its website which says, as per rbi directives, periodicity for processing noncts cheques in cts clearing has been. Cts2010 standard and old bank cheques of india cts2010 cheque truncation system cheque is a new type of cheque introduced by reserve bank of india. Everything you need to know about cts 2010 cheques banking. Yes, as per the new guidelines provided by rbi reserve bank of india all indian banks should follow cts2010 cheque formats, and virtual splat has already taken care about this rule.
Speed clearing system is applicable for both cts2010 grid based clearing system and noncts clearing system. Jan 01, 2018 if you are an account holder of sbi s erstwhile six associate banks including bharatiya mahila bank, your cheque books will become invalid from december 31. So, better hurry up if you havent got your old cheque books replaced with cts2010 standard cheque books. Rbi guidelines on standardization of security features for cheque leaves, referred to as cts2010 are aimed at enhancing customer safety and facilitating easier processing of cheques. As per the negotiable instruments act, every cheque is required to be presented to the drawee paying bank for payment. Cts 2010 standard and old bank cheques of india cts 2010 cheque truncation system cheque is a new type of cheque introduced by reserve bank of india. If the letters cts 2010 is printed perpendicularly along with the name of the printer, on the cheque near the perforation on the left side, it is cts 2010 compliant. Punjab national bank pnb has asked its customers to get their noncts compliant cheques replaced as these instruments will not be accepted for clearance in the banking system from january. Cheque truncation system reduces the scope for clearingrelated frauds.
Indias largest lender the state bank of india sbi will implement the cheque truncation system cts 2010, the new standard of cheques as mandated by the reserve bank of india. The number of cheque leaves in the multi city payable at par cts 2010 standard cheque books will be as under. Does your software supports cts2010 cheque formats. All banks providing cheque facility to their customers have been advised to issue only cts2010 standard cheques. May 12, 2020 sbi to accept cheques conforming to new standards from jan 1 05 nov, 2012, 10. Indias largest lender the state bank of india sbi will implement the cheque truncation system cts 2010, the new standard of cheques as mandated by. Sbi to send new cheque books by dec 15, update your address. This eliminates the cost of movement of physical cheques and reduces the time for clearance for better delivery of services to customers. Sbi to accept cheques conforming to new standards from jan. Cheques not complying with cts 2010 standards will be cleared at less frequent intervals i. Cheque books not containing cts2010 cheque leafs are called.
If you are still in use of nonctc cheque books, then it is in your own interest to get those. As per rbi guidelines, after march 31, 20, noncts2010 standard compliant cheques will still be accepted for clearing but will be cleared at less frequent intervals. Cts2010 compliant cheque will have the printer details along with the text cts2010 printed on the extreme left hand of the cheque leaf. All the 14 lcpcs are printing and issuing mccs in respect of branches linked to them. 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. Get your new chequebook, now patna news times of india. Therefore, we recommend you to place a request for a new cheque book. 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.
Everything you need to know about cts 2010 cheques. Go to your bank branch and request for a new cheque book or order one. The step has been taken as per the direction of the reserve bank of india. The move to replace cheques with instruments that meet the new cheque cts.
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