Cts 2010 the banks would need to upgrade a few things to. Every account holder must deposit their noncts cheques and cheque books in their respective branch and get new cheque leaves or books as per the new cts 2010 standard. Your cheques will bounce from january 1 if you fail to do this. Cheque truncation system cts is a cheque clearing system undertaken by the reserve bank of india rbi for faster clearing of cheques. Rbi extends cheque upgradation deadline till march next year bank customers do not need to discard their noncts 2010 standard cheque books in a hurry to get their multicity cts2010 standard cheque leafs. Get your noncts cheque book replaced immediately, it said. A majority of banks, including sbi and pnb, have already informed. Nov 29, 2012 there is a new standard in banking called as cheque truncation system or cts 2010, which all the banks have to follow now. Features of cts2010 standard chequects cheque truncation. And you must do it latest by december 31, 2018, if you dont want your cheques to.
Just check, whether your existing cheque book is ctscompliant or you need to get a new ctscomplaint cheque book issued before 31st december 2012. Only cts 2010 standard cheque books are to be used after. 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. Cts 2010 the banks would need to upgrade a few things to comply with cts 2010 standards of rbi. Sbi to accept cheques conforming to new standards from jan 1. No longer will you be able to use non cts cheques and sbi customers will not be able to do so from december 12, while other bank customers will not be able to use non cts cheques from january 1. Cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. If you have ordered your cheque books recently, say, a month.
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. Sbi also examining customer feedback over nonmaintenance charges of monthly balance in their accounts. Please note that non cts 2010 standard cheques will not be valid after 31 st july 20. Sbi to accept cheques conforming to new standards from jan 1 05 nov, 2012, 04. So, better hurry up if you havent got your old cheque books replaced with cts2010 standard cheque books.
Sbi to accept cheques conforming to new standards from jan. 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. 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. There will be no value cap for pap cheque issuance and no charges will be levied for payment of pap cheques. Every account holder must deposit their non cts cheques and cheque books in their respective branch and get new cheque leaves or books as per the new cts 2010 standard. 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. The state bank of india, for instance, has put a notice on its website. Sbi is arranging to send these new series of cheque books to its customers at their last recorded address. Sep 06, 2018 no clearance of non cts compliant cheques from january 2019. 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 2010 standard cheques to their customers, sbi said in a public notice. However,thecheque clearing time will depend on the type of cheque and the location of the.
What is the format of cts2010 standard cheque book. Earlier in the month, sbi decided to discontinue accepting the existing cheques that. 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. 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. If you have ordered your cheque books recently, say, a month ago, you may already have the new cheque leaves with you. It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts2010. 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. You can still use your noncts2010 cheque books till july. In the year 2010, rbi came up with the guidelines for cheque truncation system. You can opt for cheque books with 25, 50 or 100 cheque leaves. You can opt to get the cheque book delivered at your registered address or you can provide an alternate address.
Does your software supports cts 2010 cheque formats. 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. 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. Check your current cheque book is it valid new cts. Customers should get their old cheque books replaced with new ones conforming to cts 2010 standard for cheque forms. Sbi had earlier given time till december 31, 2017 to. Noncts cheques to become invalid from january 1 goodreturns. Apr 29, 2014 noncts cheques may face further clearance delay from may 1. Printing of mccs is now fully in conformity with cts 2010 standards. Cheque issuing banks shall make all efforts to withdraw the noncts2010 standard cheques in circulation before the extended timeline of july. Everything you need to know about cts 2010 cheques banking. 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.
If the cheque book is not with cts2010 cheque leafs, they are referred to as noncts cheque books. 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. 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. 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. Accordingly, all banks are now issuing only cts 2010 standard cheque books to esteemed customers. 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. Cheque truncation system reduces the scope for clearingrelated frauds. 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. Sep 25, 2017 cheque books of these 6 banks will be invalid soon, warns sbi sbi said users can avail the new cheque books via internet and mobile banking, atm or by visiting the home branch.
Customers should get their old cheque books replaced with new ones conforming to cts2010 standard for cheque forms. 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. Can you please mail me a scanned copy of the latest cheque leaf that is compliant with cts 2010. You can either collect it from branch or request your branch to send it by post or courier. Can i deposit a cheque in my account in mumbai despite having. 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 today. Procedural guidelines for cheque truncation system cts. It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts 2010.
Also already circulated cheques will be replaced within 31st december 2012. Cheque books issued, by the bank, on or after 1st january 2012 are cts 2010 standard compliant. The number of cheque leaves in the multi city payable at par cts2010 standard cheque books will be as under. So, better not to waste much time and get your new cheque books soon from your bank. 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. 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. Cheque truncation system new benchmark for cheques in banks. Noncts cheques may face further clearance delay from may. The reserve bank of india once again announced dated march 18, 20 that it has extended the deadline for banks to ensure withdrawal on non cheque truncation system cts cheque till july 31, 20. Sbi to send new cheque books by dec 15, update your address.
It might happen that your cheques start bouncing and do not get accepted from jan 1, 20. State bank of india internet account applied but no reply hi, i applied for internet banking facility at sbi, vatajara, kozhikode in the month of march2008, after that several times i have given reminder letter to get my usernamepassword. Cheque books of these 6 banks will be invalid soon, warns sbi. Rbi has issued a circular telling all banks that they should only process and accept those cheques which follow cts guidelines.
As per the negotiable instruments act, every cheque is required to be presented to the drawee paying bank for payment. To change the cheque dimensions, you can click and drag the borders of the cheque. You can also drop you cheque in the dropbox or cheque deposit machines available at numerous locations. Can i deposit a cheque in my account in mumbai despite. Cheque books not containing cts 2010 cheque leafs are called non cts cheque books. The cheque truncation system cts is a process of stopping flow of physical cheque in. There is a new standard in banking called as cheque truncation system or cts 2010, which all the banks have to follow now. Read more about chequebooks of six subsidiary banks of sbi to become invalid from september 30 on business standard. Encashing old cheques is also advised as they are expected to clear at less.
Sbi is arranging to send these new series of cheque books to its. 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. Will my old cheques that are not cts2010 still work. 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. Cheque books of six banks that merged with public sector behemoth state bank of india sbi are invalid with effect from january 1, 2018. Effective december 31st, 2012 usage of non cts 2010 standard cheques would not be applicable with regard to your investments. Hence, the existing customers are now required to surrender their existing cheque book and ask for cts2010 benchmarked cheques. Noncts cheques may face further clearance delay from may 1. Still using nonctc compliant cheques for making payments and havent got your old cheque books replaced with the cts2010 standard cheque books. Payable at par multicity cts 2010 standard cheques are issued to all customers of the bank. 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. Sbi customers can deposit their noncts cheque in their respective branch and get free new cts2010 standard chequebook. Does your software supports cts2010 cheque formats. All the 14 lcpcs are printing and issuing mccs in respect of branches linked to them.
Cheque books will be dispatched within 3 working days from the date of request. State bank of india today said it will from january 1 accept only those cheques which conform to new standards. Ignore, if your cheque book is already cts 2010 standard. Jan 12, 20 8 boxes to write the date in ddmmyyy format. The number of cheque leaves in the multi city payable at par cts 2010 standard cheque books will be as under.
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. So, better hurry up if you havent got your old cheque books replaced with cts 2010 standard cheque books. Dec 19, 2018 so, better hurry up if you havent got your old cheque books replaced with cts2010 standard cheque books. Other banks such as hdfc bank ltd and icici bank ltd have put a notification about cts. Cts 2010 standard paper doesnt glow under ultraviolet light. Rbi had issued a notification relating to the implementation of cts 2010 standard. 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. Earlier, cheques deposited by customers used to be presented by the collecting bank to the paying bank over the counter of t. Mar 08, 2018 yes you can deposit your cheque at any sbi branch. Now you as a bank account holder can continue to use your old format cheques for another four months up to july 31, 20. Get your non cts cheque book replaced immediately, it said.
Sep 03, 2012 it is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts 2010. Only cts 2010 standard cheque books are to be used after 31. Rbi extends cheque upgradation deadline till march next year 14 dec, 2012, 07. If you have availed a home or auto loan and issued postdated. If you are still in use of nonctc cheque books, then it is in your own interest to get those. 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 cts 2010 standard cheque books latest by december 31. 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 6 banks will be invalid soon, warns sbi sbi said users can avail the new cheque books via internet and mobile banking. Rbi extends cheque upgradation deadline till march next year 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.