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. 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. Only cheque books issued after aug 2011 are cts 2010 compliant. For the past 6 months, rbi has been announcing several times saying noncts2010 compliant cheques would be valid up to specific period. Of late you must have noticed advertisements in newspapers put up by banks urging account holders to stop circulating noncts compliant cheques and. 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. Three things to know if you still use cheques livemint. How do i order a cts 2010 standard compliant cheque book. Get ready to order new india cheque books welcomenri. Words cts 2010 printed on the left hand side of the cheque leaf near perforation. This year, there is something very important which you must do immediately, to ensure smooth financial transactions with your bank. You must ensure that your cheque book is cts 2010 compliant.
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 book issued till 04 november 2012 is noncts compliant is my cheque cts compliant. If your cheque placement does not look like the one in the image above and does not have cts 2010 printed on it, you must do new cheque book requests from your bank quickly. It is clear, thus, that 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. Similarly, punjab national bank in one of its advisories says. What cts is under the cts system, the physical movement of cheques between banks will be eliminated. Starting 1 august 20 only cts2010 compliant cheques would be accepted for clearing.
You need to apply in your bank for the same and it is available free of cost. The new cheque truncation system cts2010 will eliminate physical movement of cheques for clearing. The reserve bank of india had issued a new guideline about cts cheques around three months ago. 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. If you have ordered your cheque books recently, say, a month ago, you may already have. 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. 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 cut off date for accepting non cts cheques has been extended till 31st july 20. Therefore, we recommend you to replace your noncts2010 cheque book with a new cheque book at the earliest. A bounced cheque can hit your credit score and the issuer. Sep 06, 2018 non cts compliant cheques shall not be processed for clearing with effect from january 1, 2019, pnb said in a notification. As per an old rbi rule, noncts cheques will be invalid after. Please contact your home branch for replacement with cts2010 standard cheques. Your cheque book may be invalid from jan 1, 20 rediff. No noncts2010 cheques will be encashed after this date. Recently you must have noticed advertisements in newspapers put up by banks urging account holders to stop circulating noncts compliant cheques and replace their old cheque books with new cts enabled ones. 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. It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts2010.
Please surrender your unused non cts cheques at your branch and obtain new cts 2010 standard cheque book. 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 per matrix given below, then the cheques need to be replaced to. If your chequebook is not compliant with rbis cheque truncation system cts, implemented from october 1, it may be invalid from january 1, 20. Jun 25, 20 non cts 2010 complaint cheques valid up to jul20how does this impact you. Non cts compliant cheques cheques not compliant to the cheque truncation system cts 2010 standards will be cleared thrice a week only, until 30 april, 2014. Following are the features of new cts 2010 compliant cheques. There is a new symbol of rupees inserted near the numerical amount column. All cheques carry a standardised watermark, with the words cts india which can be seen when held against any light source.
Sep 03, 20 cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. Check your current cheque book is it valid new cts. Cts is the abbreviation of cheque truncated system, which in simple terms means stopping the physical transport of cheques midway. Noncts2010 complaint cheques valid up to jul20how does this impact you. However some of the features of cts cheques are cheque printer details. Noncheque truncation system cheques valid until july 19 mar, 20, 05. You may be using a physical cheque book, but at the backend, banks. Ensure you use a cts 2010 compliant cheque, and know the types of cheques for different purposes and the consequences of bounced cheques.
The advent of cts2010 compliant cheques will make the existing cheques. 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. Still using nonctc compliant cheques for making payments and havent got your old cheque books replaced with the cts2010 standard cheque books. Cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. Request you to make a note that non cts compliant cheques would not be accepted by banks for clearing post 31 july 20. As per rbi guidelines, only cts 2010 standard cheque books are to be used after 31 december 2012. How do i order a cts2010 standard compliant cheque book. Ensure you use a cts 2010compliant cheque, and know the types of. If you received your chequebook before august 2011, you are requested to order a new one. If the letters cts2010 are present here, your cheque book is cts2010 compliant. Cts is the abbreviated form of cheque truncation system. No non cts 2010 cheques will be encashed after this date.
Note that all new cheque books issued by indian banks compulsorily have to be cts. The word cts 2010 printed on the left side of your cheques near the perforation the branch address should be printed on the left side top corner we would like to inform you that we have been issuing cts2010 compliant cheque books since april 2011. Also already circulated cheques will be replaced within 31st december 2012. Cheque truncation system cts cheque printing software. Nov 29, 2012 cheque truncation system cts or imagebased clearing system ics, in india, is a project undertaken by the reserve bank of india rbi, for faster clearing of cheques. All cheques should, as far as possible, be issued with the account number field preprinted. Features of new cts 2010 compliant cheque chequeman blog. Your cheques can be permanently banned after january 1, 2019. As per rbi guidelines, noncts2010 standard compliant cheques will be accepted for clearing up to july 31, 20. Tips to replace non cts 2010 compliant cheques 21 apr, 20, 03.
Bank customers rbi new guidelines 2019 non cts cheques stop. Your cts cheque book clearly shows the place where you have to sign in cheque. As per the revised rbi guidelines, the deadline of use of non cts compliant cheques have been further extended till 31st december 20. Jan 08, 2015 however some of the features of cts cheques are cheque printer details. 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. Non cts compliant cheques shall not be processed for clearing with effect from january 1, 2019, pnb said in a notification. This is what you should do, 5 out of 5 based on 2 ratings. Cts is basically an online imagebased cheque clearing system where cheque images are captured at the collecting bank branch and transmitted electronically. 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. Order your new cts compliant cheque book today and deposit any old cheques like dividend cheques before june 1st 2011.
Recently 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 enabled ones. Cheque book issued prior to december 2010 is noncts compliant savings treasure accounts. Do not accept cheques with alterations even if they have been countersigned. No clearance of noncts compliant cheques from january. As per the negotiable instruments act, every cheque is required to be presented to the drawee paying bank for payment. In case the cheque book you currently have is not cts2010 compliant as per the. May 08, 2020 the advent of cts 2010 compliant cheques will make the existing cheques invalid from 31 july 20. If these features are present in your cheque book, it is a cts compliant one. Therefore, we recommend you to replace your non cts 2010 cheque book with a new cheque book at the earliest. Cheque truncation system cts or imagebased clearing system ics, in india, is a project. Still using nonctc compliant cheques for making payments and havent got your old cheque books replaced with the cts2010 standard.
The customers who have deposited noncts cheques as postdated cheques pdcs for emis to a finance company, or bank for repayment of a loan, will have to replace these with the compliant ones for instalments after 31 july. Similarly, the punjab national bank informed their customers to replace their noncts compliant cheques. If your cheque placement does not look like the one in the image above and does not have cts2010 printed on it, you must do new cheque book requests from your bank quickly. So, the validity of non cts cheques is again extended, this time upto 30th april 2014. 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. As per rbi guidelines, non cts 2010 standard cheques will be withdrawn from circulation by 31december20. Branch address with ifsc code printed top of the cheque. Dec 16, 2012 you must obtain a cts 2010 compliant cheque book on or before 31st march 20.
Get your noncts cheque book replaced immediately, it said. Noncts compliant cheques shall not be processed for clearing with effect from january 1, 2019, pnb said in a notification. Cheque truncation system cts or imagebased clearing system ics, in india, is a project undertaken by the reserve bank of india rbi, for faster clearing of cheques. Ensure you use a cts 2010compliant cheque, and know the types of cheques for different purposes and the consequences of bounced cheques. 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. Deadline for cts compliant cheques extented to 31st july. Instead, only their electronic images, along with key information, will be captured and transmitted. Everything you need to know about cts 2010 cheques banking. Reserve bank of india has issued guidelines on standardisation of cheques. This calls for your immediate action to make sure that your cheque book is cts compliant. Cts 2010 compliant cheques latest breaking news, pictures, videos, and special reports from the economic times. 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. For the past 6 months, rbi has been announcing several times saying non cts 2010 compliant cheques would be valid up to specific period. Only cts 2010 standard cheque books are to be used after.
If you are still in use of nonctc cheque books, then it is in your own. The advent of cts2010 compliant cheques will make the existing cheques invalid from 31 july 20. If you have availed a home or auto loan and issued postdated. Cheque truncation means stopping the flow of the physical cheques issued by. Instead, an electronic image is generated for transmission of the amount, thus truncating the journey of the cheque by the clearing house. 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. Mar 18, 20 all compliant cheques will have cts 2010 printed on the left side of each cheque leaf. Cheque truncation system new benchmark for cheques in banks. 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. Get your noncts cheque book replaced immediately, it. As per guidelines, non cts2010 cheques issued by bank in india will be. Please sign abovea is written on the cheque at the bottom right side. 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 before december 31, 2012.
Only cts 2010 standard cheque books are to be used after 31. Older cheque books can be either returned to the bank or destroyed. Watch the demo video to know why the new cts system speeds up cheque clearing times. Visibly there would be 45 key differences between the old cheques and new cts cheque truncation system cheques which can help identify whether the cheque book the individual currently holds is cts compliant or not, says diwanji. All cheques carry a standardised watermark, with the words ctsindia which can be seen when held against any light source.
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. If you have ordered your cheque books recently, say, a month ago, you may already have the new cheque leaves with you. If you have provided pdcs to your bank either for a home or car or any other loan, replace the same with new cts. Request you to make a note that noncts compliant cheques would not be accepted by banks for clearing post 31 july 20. Dec 19, 2018 still using nonctc compliant cheques for making payments and havent got your old cheque books replaced with the cts2010 standard cheque books. Noncts2010 complaint cheques valid up to jul20how does. One can find this symbol where we write amount in figures. All compliant cheques will have cts2010 printed on the left side of each cheque leaf. Earlier, cheques deposited by customers used to be presented by the collecting bank to the paying bank over the counter of t. So it is necessary for all to understand how your new cheque format looks like. 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. May 09, 2020 cts 2010 compliant cheques latest breaking news, pictures, videos, and special reports from the economic times. The branch address and ifsc code should be on the top left side of the.
You must obtain a cts2010 compliant cheque book on or before 31st march 20. Just check, whether your existing cheque book is ctscompliant or you need to get a new ctscomplaint cheque book issued before 31st december 2012. Get your non cts cheque book replaced immediately, it said. 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. As per the rbi guideline, noncts cheque will become inivalid. 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. You must ensure that your cheque book is cts2010 compliant. Cts 2010 compliant cheques blogs, comments and archive news on. Go to your bank branch and request for a new cheque book or order one online. Everything you need to know about cts 2010 cheques.
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