Nov 19, 2014 all banks providing cheque facility to their customers have been advised to issue only cts 2010 standard cheques. Cts 2010 standard cheques will have letters cts 2010 printed vertically on the cheque leaf near the perforation on the left side as shown in the image below. If you have bitcoins, you do not physically purchase goods by handling notes or tokens to the. No non cts 2010 cheques will be encashed after this date. The reserve bank of india rbi has extended the deadline for implementing the cheque truncation system2010 cts 2010 by another three months. 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. Cheque issuing banks shall make all efforts to withdraw the noncts2010 standard cheques in circulation before the extended timeline of july.
Rbi extends deadline for new cheque standard the hindu. As per reserve bank of india rbi guidelines, cheque books issued by banks need to be compliant with the cheque. Also already circulated cheques will be replaced within 31st december 2012. This standard operating procedure is issued in terms of paragraph 2a of rbi. Chequebook collection at standard bank this site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register. Cts best practice guidelines national payments corporation of india 5 1. Rbi extends cheque upgradation deadline till march next year 14 dec, 2012, 07. April 14, 2015 dear all welcome to the refurbished site of the reserve bank of india. 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.
Noncts compliant cheques, drafts still in circulation the. The benchmark prescriptions are collectively known as cts2010 standard. So it is necessary for all to understand how your new. This shall ensure that the feel of cheques is uniform across banks. Banks holding postdated emi cheques would replace non cts 2010 standard cheques with cts 2010 standard cheques before march 31, 2012. Bank customers do not need to discard their non cts 2010 standard cheque books in a hurry to get their multicity cts 2010 standard cheque leafs.
Cheque books of these banks valid only till december 31. There is a new symbol of rupees inserted near the numerical amount column. Phonebanking or visit your nearest hsbc branch in india to request for a cts compliant cheque book in case you do not have one. Jan 12, 20 8 boxes to write the date in ddmmyyy format. The introduction of new cheque standards cts 2010 was warranted on account of several developments in the cheque clearing viz.
Get your new chequebook, now patna news times of india. 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. Features of cts2010 standard chequects cheque truncation system 6222014 01. You need to apply in your bank for the same and it is available free of cost. Sep 03, 2012 it is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts 2010. Service charges at applicable rate will be levied for issuance of cheque books. From january 1, it will be mandatory to use only new cheque leaves that. Otherwise, cts 2010compliant cheques are designed uniformly in. Imaged cheque standard comes into effect in august 2009 imaged cheque standard will become effective along with the initiation of ics system.
This means that there will be no physical movement of the cheque but rather an electronic imagebased transmission that will reduce the processing time. You must obtain a cts 2010 compliant cheque book on or before 31st march 20. Cheque truncation system cts explained bankexamstoday. Cts 2010 introduced some standards and security features such as quality of paper, watermark, filed placements, banks logo in invisible ink, void pantograph, etc. Can you please mail me a scanned copy of the latest cheque leaf that is compliant with cts 2010.
Cheque books issued, by the bank, on or after 1st january 2012 are cts 2010 standard compliant. Change the way you pay your credit and debit card instore,within mobile apps or online. In this system of clearing, the collecting bank need not present the physical cheque to the drawee branch. Dec 23, 2012 it is now mandatory for banks to strictly issue standardized and enhanced new format of cheques called cts 2010. Features of cts2010 standard chequects cheque truncation. The presenting bank captures the cheque images and magnetic ink charecter recognition micr data from end to end precise scanners by using the capture. However, those customers making payments through electronic. 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. 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. Banks have now been asked to ensure all cheques are compliant with cts 2010 standards by april 1, 20. Punjab national bank this eliminates the cost of movement of physical cheques and reduces the time for clearance for better delivery of services to customers.
Dec 15, 2012 the reserve bank of india rbi, on friday, extended the deadline given to migrate to newlook cheques cts 2010 standard cheques, with more security and standardised features, to march 31, 20. Cheque printing software indian banks cts 2010 functional. With effect from 3 may 2017, we will be charging a cheque book fee for the second and subsequent cheque books that we issue to our customers for selected currentcheque accounts the selected accounts. Truncation is the process of stopping the flow of the physical cheque issued by a drawer at some point with the presenting bank enroute to the drawee bank branch. Noncts cheques may face further clearance delay from may 1. All you need to know about cts2010 standard for cheques.
Go to your bank branch and request for a new cheque book or order one online. 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. 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. Noncts cheques valid till 31 july rbi india infoline. 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. Features of new cts 2010 compliant cheque chequeman blog. Standard chartered bank the bank is committed to maintaining a culture of the highest ethics and integrity, and in compliance with all applicable law, regulation and internal policy. 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. Is your cheque book cts2010 compliant standard chartered india. Instruments not complying with cts2010 standards will be cleared once a month second wednesday of the month from september 1, 2018. Cts best practice guidelines cts best practice guidelines. Also all the current circulated cheques will be replaced within 31st march, 20. Cts2010 standard cheques the reserve bank of india rbi has prescribed new guidelines on standardization of security features of cheques, which are aimed at enhancing customer safety and facilitating easier processing. Cheque truncation system standard operating procedure multi session for processing cts 2010 and non cts 2010 instruments 1.
Please sign abovea is written on the cheque at the bottom right side. By continuing to use this site, you are consenting to our use of cookies. Following are the features of new cts 2010 compliant cheques. If the letters cts2010 are present here, your cheque book is cts2010 compliant. Nov, 2014 noncts compliant cheques, drafts still in circulation.
My cheque book is cts2010 compliant and the above feature is present in my cheque book. However, most banks started issuing cts cheque books from midseptember. The cheque truncation system cts is basically an online imagebased clearing system ics. Mr,x having non cts cheque now he is blackmailing more money after paid more also. Cheque truncation system, abbreviated as cts, is nothing but an electronic verification procedure using imagebased processing.
Reserve bank of india non banking financial companiesnbfcs. Cts 2010 standard paper should not glow under ultraviolet uv light i. Accordingly, the cheques issued are tested and certified by npci and only after such cerification the cheques would be issued to the customers. Cheques not complying with cts 2010 standards will be cleared at less frequent intervals i. Nov 06, 2012 cts2010 standard is a set of benchmarks towards achieving standardisation of cheques issued by banks across the country. Chequebook collection at standard bank the forum sa. Cheque book issued prior to december 2010 is noncts compliant. Apr 29, 2014 non cts cheques may face further clearance delay from may 1. Mar 20, 20 all residual noncts2010 cheques with customers will continue to be valid and accepted in all clearing houses including the cheque truncation system cts centres for another four months up.
One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise. Know your new ctc2010 standard bank cheque format it is now mandatory for banks to strictly issue standardized and enhanced new format of cheques called cts2010. 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. Indian bank charges rupees thirty for one cts2010 cheque book, from customers. New rbi guidelines for cheque truncation consumer resources. Cts stands for cheque truncation system and essentially means that instead of sending the cheque in physical form by the collecting bank to the paying bank, an electronic image of the cheque is transmitted to the. Cheque truncation system cts 2010 standards bankbazaar. As of now the banks in india are using different formats for their cheque leaves mainly for branding, identification, security features etc. Standardisation and enhancement of security features in cheque forms, the introduction and implementation of additional security features on cheque forms will commence from 1. New code line standard comes into effect in july 2010 the standards that become effective in phase 3 include cheque design only 3.
Please note that when you receive or issue a cheque, if. It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts2010. All you need to know about cts2010 standard for cheques cts2010 standard paper should not glow under ultraviolet uv light i. The new cts standard enables banks to convey the cheque as an. Features of cts2010 standard cheque branch address with ifsc code printed top of the cheque. Branch address with ifsc code printed top of the cheque. If your cheque book is already cts2010 compliant, you can continue using the same and there is no further action required. Cheque issuing banks shall make all efforts to withdraw the noncts2010 standard cheques in circulation before the extended timeline of 31 july 20 by creating awareness among customers through sms alerts, letters, display boards in branchesatms, logon message in internet banking, notification on the website etc, rbi said. New format cheques from jan 1 the hindu businessline. This means that there will be no physical movement of the cheque but rather an. If you are still in use of nonctc cheque books, then it is in your own interest to get those. 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. These include provision of mandatory minimum security features on cheque forms like quality of paper, watermark, banks logo in invisible ink, void pantograph, etc.
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