So it is necessary for all to understand how your new cheque format looks like. A ptireport said that the move is part of the effort for standardising and enhancing the security features in cheque forms and its migration to the cts cheque truncation system 2010 standard. The payee can present the cheque for the amount which is within the ceiling printed on the face of the cheque, directly at any of our branches or in clearing. Sep 03, 2012 it is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts 2010. Please sign above is mentioned on bottom right of the cheque.
Cts 2010 introduced some standards and security features such as quality of paper, watermark, filed placements, banks logo in invisible ink, void pantograph, etc. 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. If you have availed a loan and have given post dated. Cheques not complying with cts2010 standards will be cleared at less frequent intervals i. Please note that non cts 2010 standard cheques will not be valid after 31 st july 20. Printers name with cts 2010 in left side of cheque. Accordingly, all banks are now issuing only cts 2010 standard cheque books to esteemed customers.
In an official notice on its website, hdfc bank says separate sessions for clearing of noncts cheque will be discontinued from december 31. 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. The move to replace cheques with instruments that meet the new cheque cts2010 standard comes with benefits for banks and customers. Rbi extends deadline for withdrawing noncts 2010 cheques. Sbi to accept cheques conforming to new standards from jan. You need to apply in your bank for the same and it is available free of cost.
State bank of india sbi monday said it will from january 1 accept only those cheques which conform to new standards. 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. 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 benchmark prescriptions are collectively known as cts2010 standard. Just check, whether your existing cheque book is ctscompliant or you need to get a new ctscomplaint cheque book issued before 31st december 2012. With this, the bank will not accept all noncts cheques that you issue from your existing cheque book and those will be out of circulation from december 31, 2012. Dec 23, 2012 it is now mandatory for banks to strictly issue standardized and enhanced new format of cheques called cts 2010.
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. Cts2010 cheque truncation system cheque is a new type of cheque introduced by reserve bank of india. Therefore, we recommend you to place a request for a new cheque book. If you are still in use of nonctc cheque books, then it is in your own interest to get those replaced with cts2010 standard cheque books latest by december 31. As per the direction of reserve bank of india rbi, non cts2010 cheques will be withdrawn by. Just a matter of info for all other readers sbi shall be charging such cheques with rs. Please identify if your existing citibank account cheque book is cts2010 compliant. Oct 03, 2018 as per the negotiable instruments act, every cheque is required to be presented to the drawee paying bank for payment. All banks providing cheque facility to their customers have been advised to issue only cts2010 standard cheques. Sbi has asked all its branches to issue only with uniform features conforming to.
In case you have issued non cts 2010 standard post dated cheques pdcs. The lender is preparing to send the new series of cts compliant cheque books by december 15, 2012. How to identify my cheque book cts2010 standard compliant or. Sbi to accept cheques conforming to new standards from jan 1. This document covers banks policy in respect of multicity payable at par cts2010 standard cheques. 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. Earlier, cheques deposited by customers used to be presented by the collecting bank to the paying bank over the counter of t.
Rbi has extended the mandatory implementation of cts2010 based cheque system by 3 months and old cheques will be valid till 31 mar 20. Below is a sample of cheque which fulfil cts criterias. Its all about cts 2010 new cheque truncation system. Multicity cts2010 standard cheque books will be despatched to the customers on their latest recorded addressaddress given to the branches. Cts 2010 the banks would need to upgrade a few things to. 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. Cts 2010 standard cheques will be cleared on all working days.
This year, there is something very important which you must do immediately, to ensure smooth financial transactions with your bank. Sbi to introduce new cheque standard from jan 1 dumisoft. The presenting bank captures the cheque images and magnetic ink charecter recognition micr data from end to end precise scanners by using the capture. All branches of the bank will now issue only cts 2010 standard cheques to customers, sbi said in a public notice today. Also already circulated cheques will be replaced within 31st december 2012. Dec 19, 2018 if you are still in possession of nonctc cheque books, then it is in your own interest to get those replaced with cts 2010 standard cheque books latest by december 31. 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. The right hand corner of the cheque leaf has boxes provided for the date which is in the ddmmyyyy format. As per the direction of reserve bank of india rbi, non cts 2010 cheques will be withdrawn by 31st march 20. 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.
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. Nov 22, 2012 this new cheque clearing system will be applicable from 1 st january,20. 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. As per the negotiable instruments act, every cheque is required to be presented to the drawee paying bank for payment. Dec 19, 2018 if you are still in use of nonctc cheque books, then it is in your own interest to get those replaced with cts2010 standard cheque books latest by december 31. What is the format of cts2010 standard cheque book. Dec 03, 20 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. The cheque presented the cheque in sbi,branch namesbi ccpc,chd. This new cheque clearing system will be applicable from 1 st january,20. Cheques not complying with cts 2010 standards will be cleared at less frequent intervals i.
Procedural guidelines for cheque truncation system cts. Sbi to send new cheque books by dec 15, update your. Important message cts 2010 regulation applicable to cts. Features of cts2010 standard chequects cheque truncation system features of cts2010 standard cheque branch address with. Rbi had issued a notification relating to the implementation of cts 2010 standard. Nov 27, 2012 view image above if your cheque is not of cts2010 standards then you need to apply for new cheque book of this standard and surrender the older cheques. Check your current cheque book is it valid new cts. Sbi to send new cheque books by dec 15, update your address. Important message cts 2010 regulation applicable to. Noncts cheques may face further clearance delay from may 1.
How to identify my cheque book cts2010 standard compliant. How cts2010 cheque is different cts2010 mark up on the vertical side line as shown in above image. Sbi to accept cheques conforming to new standards from jan 1 05 nov, 2012, 10. Rbi has advised all banks holding postdated emi cheques to arrange for replacement of noncts2010 standard cheques with cts2010 standard cheques. In case if your cts 2010 cheque book, you must obtain a new cts complied cheque. 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. 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. All banks providing cheque facility to their customers have been advised to issue only cts 2010 standard cheques. The move to replace cheques with instruments that meet the new cheque cts 2010 standard comes with benefits for banks and customers. Cts2010 standard cheque introduced for standardization of security features and easy processing. As per the direction of reserve bank of india rbi, non cts2010 cheques will be withdrawn by 31st march 20. Indian bank charges rupees thirty for one cts2010 cheque book, from customers. Cheque truncation system new benchmark for cheques in banks.
Cts 2010 standard cheque introduced for standardization of security features and easy processing. Only cts 2010 standard cheque books are to be used after. The cheque truncation system cts is basically an online imagebased clearing system ics. State bank of india sbi, the countrys largest lender, came out with an advertisement in all major national dailies on 5 november, stating that it will issue a new set of cheque book to its. So you should immediately indent a new cts 2010 standard compliant cheque book from your bank. The measure is primarily aimed at serving duel objectives. A pantograph which shows voidcopy while taking photocopy of the cheque below the account number. 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. Sbi customers can deposit their noncts cheque in their respective branch and get free new cts2010 standard chequebook. The number of cheque leaves in the multi city payable at par cts2010 standard cheque books will be as under. Ignore, if your cheque book is already cts 2010 standard. In the year 2010, rbi came up with the guidelines for cheque truncation system. Bankbranch address with ifsc code will be printed on the top left corner of the cheque. Read more about cbs enabled banks should issue only payable at par cheques.
Its mentioned on the side line of the cheque as cts2010 to identify whether its cts2010 standards or not. 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 has started informing customers about this update through messages. If these features are not present in your cheque book, than your cheque book is not a valid cts2010 standard compliant. Can you please mail me a scanned copy of the latest cheque leaf that is compliant with cts 2010. Also all the current circulated cheques will be replaced within 31st march, 20.
Accordingly, mcc payable at par, cts2010 standard compliant cheques are being issued by the bank. Feb 06, 2015 cts 2010 cheque truncation system cheque is a new type of cheque introduced by reserve bank of india. Cts 2010 compliant cheques latest breaking news, pictures, videos, and special reports from the economic times. 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. For standardisation and enhancement of security features in cheque forms and its migration to cts 2010 standard, all branches of the bank will now issue only cts. 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. Bank customers do not need to discard their noncts 2010 standard cheque books in a hurry to get their multicity cts2010 standard cheque leafs. Cheque books returned undelivered will be blockedmarked stopped after 3 months of return of such cheque books, in the system and thereafter.
You must ensure that your cheque book is cts2010 compliant. Branches may issue a cheque book of 10 leaves, if a customer demands the same, and also ensure that adequate stocks of such cheque books of 10. You can continue to use the same and there is no further action required. If these features are not present in your cheque book, than your cheque book is not a valid cts 2010 standard compliant. Sbi has already told all its customers to get new cheques because all the old cheques will become invalid, in the same way hdfc bank and icici bank have also told their customers to get new cheque. Effective december 31st, 2012 usage of non cts 2010 standard cheques would not be applicable with regard to your investments. Watermark cts india to be visible cheque is held against any light. As of now the banks in india are using different formats for their cheque leaves mainly for branding, identification, security features etc. View image above if your cheque is not of cts2010 standards then you need to apply for new cheque book of this standard and surrender the older cheques. Rbi extends cheque upgradation deadline till march next year 14 dec, 2012, 01.
Only cts 2010 standard cheque books are to be used after 31. Jan 12, 20 8 boxes to write the date in ddmmyyy format. In this system of clearing, the collecting bank need not present the physical cheque to the drawee branch. So you should immediately indent a new cts2010 standard compliant cheque book from your bank. If you have ordered your cheque books recently, say, a month. The benchmark prescriptions are collectively known as cts 2010 standard. Cheque truncation system reduces the scope for clearingrelated frauds. Noncts cheques may face further clearance delay from may.
If you have ordered your cheque books recently, say, a month ago, you may already have the new cheque leaves with you. All chequebooks issued by the bank after aug 2011 are cts 2010 compliant. So, better not to waste much time and get your new cheque books soon from your bank. Only mcc cts 2010 standard cheques are issued now and no other variant can be used. 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. Features of cts2010 standard chequects cheque truncation. Will my old cheques that are not cts2010 still work. It act, 2000 and the bankers book evidence bbe act, 1891, the legal framework was put in place for the introduction of cheque truncation and echeques in india. Cbs enabled banks should issue only payable at par cheques. There is a new standard in banking called as cheque truncation system or cts 2010. Aug 29, 2017 reckoning with the rules adopted by sbi, since the implementation of cbs, all the cbs branches have been authorised to encash the cheques drawn by the account holder, subject to certain rulesconditions specific to individual branches.