You must obtain a cts2010 compliant cheque book on or before 31st march 20. 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. Please sign above is mentioned on bottom right of the cheque. Cheque book issued prior to december 2010 is noncts compliant savings treasure accounts. Developers hail extension of credit linked subsidy scheme, say fencesitters will.
Rbi extends cheque upgradation deadline till march next year 14 dec, 2012, 07. Important message cts 2010 regulation applicable to cts. Jan 12, 20 8 boxes to write the date in ddmmyyy format. What is the format of cts2010 standard cheque book. A wave like design is embossed on the lefthand side of cheque leafbelow. If you have any old cheque books or leaves, get it exchanged with new cts2010. Rbi has extended the mandatory implementation of cts2010 based cheque system by 3 months and old cheques will be valid till 31 mar 20.
All the banks are now required to issue cts2010 cheques only. Now use your old cheque book till 31st march 20 praveen unnikrishnan december 17, 2012 add comment reconsidering the date for the implementation of cts 2010, reserve bank of india rbi has extended the deadline to april 01st, 20. Hence non cts 2010 standards cheque book must be surrendered immediately to the branch to get cts 2010 standards cheque book. At present, when you issue a cheque to someone, he has deposit the cheque in his bank to get credit. 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. Banks, customers go slow in adopting new cheque book the. Please note that non cts2010 standard cheques will not be valid after december 31, 2012. Worth mentioning here is that most banks have already stopped clearing noncts cheques since january 1, 2019. 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.
This new cheque clearing system will be applicable from 1 st january,20. Cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. Change the way you pay your credit and debit card instore,within mobile apps or online. The sample of a cts 2010 standard cheque format is shown below.
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. Thus, it is considered as the major landmark in the indian banking industry. The reserve bank of india rbi on monday extended the deadline to migrate to newlook cheques cts2010 standard cheques with more security and standardised features to. Get your noncts cheque book replaced immediately, it said. Check your current cheque book is it valid new cts. All the banks are now required to issue cts 2010 cheques only. Ensure you use a cts 2010compliant cheque, and know the types of cheques for different purposes and the consequences of bounced cheques. So if you are still holding a non cts cheque book, then you should ask your bank to issue a fresh cheque book.
Cheque book issued till 04 november 2012 is noncts compliant is my cheque cts compliant. 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. Format of cts 2010 standard cheque book you may also consult with your bank for more clarification in this regard. Mar 18, 20 the reserve bank of india rbi on monday extended the deadline to migrate to newlook cheques cts 2010 standard cheques with more security and standardised features to july 31, from march 31, 20. Cts 2010 cheque truncation system cheque is a new type of cheque introduced by reserve bank of india. 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. You may also consult with your bank for more clarification in this regard. 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. Just check, whether your existing cheque book is ctscompliant or you need to get a new ctscomplaint cheque book issued before 31st december 2012.
So if you are still holding a noncts cheque book, then you should ask your bank to issue a fresh cheque book. How is cts 2010 will be different from earlier system of cheque clearance. Based on these guidelines banks started issuing cts2010 standard cheque books to their customers from august 2011. As per rbi guidelines, non cts 2010 standard cheques will be withdrawn from circulation by 31december20. Cts 2010 standard cheque introduced for standardization of security features and easy processing. Please note that when you receive or issue a cheque, if. Branch address with ifsc code printed top of the cheque.
All our customers are hereby informed to use cts2010 standards cheque books in order to get prompt clearance of cheques for all transactions. Noncts compliant cheques shall not be processed for clearing with effect from january 1, 2019, pnb said in a notification. Standard cheque books before 31st dec 2012 from 1st jan 20 banks will accept only cts 2010 standard cheques. Nov 07, 2012 if you already do not have cheque book with new features, contact your bank for getting a new cts 2010 standard cheque book before 31 dec 2012. Sbi is arranging to send these new series of cheque books to its customers at their last recorded address. Cheque truncation system cts is a cheque clearing system undertaken by reserve bank of india rbi that aims at reducing the time involved in cheque clearing to one day. Its all about cts 2010 new cheque truncation system. 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. Nov 21, 2012 if you have your cheque book issued before aug 2011, then you need to get a new cheque book to be used after 31 dec 2012. It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts2010. Noncts cheque book will not be get cleared after sep20. 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.
Emirates world earn miles with every swipe and see the world sooner. If the cheque book is not with cts2010 cheque leafs, they are referred to as noncts cheque books. Indian bank charges rupees thirty for one cts2010 cheque book, from customers. You can also look for cts2010 mark on the left hand side of your chq leaves as shown in above image. My cheque book is not cts 2010 compliant, what to do. The deadline for the withdrawal of noncts2010 standard cheques is july 31, 20 and banks have begun to issue fresh cheques in the cts2010 complaint format. Dec 19, 2018 so, better hurry up if you havent got your old cheque books replaced with cts2010 standard cheque books. You can see some of the features to identify if you have a cts 2010. If you have ordered your cheque books recently, say, a month ago, you may already have the new cheque leaves with you. Go to your bank branch and request for a new cheque book or order one. Can you please mail me a scanned copy of the latest cheque leaf that is compliant with cts 2010. Cheque truncation system cts cheque printing software. 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. Three things to know if you still use cheques livemint.
No clearance of noncts compliant cheques from january. If you have availed a home or auto loan and issued postdated. As per the negotiable instruments act, every cheque is required to be presented to the drawee paying bank for payment. Everything you need to know about cts 2010 cheques banking. The branch address and ifsc code should be on the top left side of the cheque 2. All residual noncts2010 cheques with customers will continue to be valid and accepted in all clearing houses including the cheque.
If you received your chequebook before august 2011. Cheque printer details along with cts2010 mentioned on the extreme left hand side, near the side where you detach a cheque leaf from the cheque book. Then this cheque moves physcially from his bank to your bank which involves a lot of time and risk. Free atm usage, cheque book, statements and direct debits. Jun 15, 2015 look for ctsindia mark on your present cheque leaves by holding it against light source.
Incase the cheque book you currently have is not cts2010 compliant as per the above features we request you to immediately order a new cheque book. Yatra platinum credit card a card thats perfect for frequent travelers. 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. If the letters cts2010 are present here, your cheque book is cts2010 standard compliant. You can see some of the features to identify if you have a cts2010. 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. All cts 2010 cheques bear some common security features and standardised field placements for enabling imagebased processing of cheques through optical character. Notice for customers cts2010 standards cheque book. Simple guide for customers to identify if their cheques are cts.
Notice for customers cts2010 standards cheque book bank. Please sign above is mentioned on cheque leaf on the lower righthand side. The following are some of the features of cts2010 standard cheque. Mar 15, 20 though the reserve bank of india deadline for issuing new cheques under the cts 2010 cheque truncation system is coming to an end on march 31, many banks are yet to provide the new series of cheque. 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. 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. Most banks have already stopped clearing non cts cheques since january 1, 2019. Cheque book issued prior to december 2010 is non cts compliant savings treasure accounts. This will will reduce the time of processing of cheque especially in case of outstation cheques. The number 2010 in cts 2010 is because the guidelines. Only cheque books issued after aug 2011 are cts 2010 compliant.
Rbi guidelines on standardization of security features for cheque leaves, referred to as cts2010 are aimed at enhancing customer safety and facilitating easier. A bounced cheque can hit your credit score and the issuer. Nov 22, 2012 this new cheque clearing system will be applicable from 1 st january,20. Look for ctsindia mark on your present cheque leaves by holding it against light source. The number 2010 in cts2010 is because the guidelines. If it is not marked then ask your bank to issue you a fresh cheque book in cts format. Features of cts2010 standard chequects cheque truncation. A pantograph which shows voidcopy while taking photocopy of the cheque below the account number. 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. My cheque book is not cts2010 compliant, what to do. As per the direction of reserve bank of india rbi, non cts2010 cheques will be withdrawn by. Cheque truncation system cts is a cheque clearing system undertaken by the reserve bank of india rbi for faster clearing of cheques.
If you have your cheque book issued before aug 2011, then you need to get a new cheque book to be used after 31 dec 2012. So, better hurry up if you havent got your old cheque books replaced with cts2010 standard cheque books. Earlier, cheques deposited by customers used to be presented by the collecting bank to the paying bank over the counter of t. Rbi extended deadline for cts 2010 standard cheques.
Banks, customers go slow in adopting new cheque book the hindu. All cts2010 cheques bear some common security features and standardised field placements for enabling imagebased processing of cheques through optical character. So it is necessary for all to understand how your new cheque format looks like. 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. Cts2010 standard cheques free book on indian stock market. Cts2010 compliant cheque will have the printer details along with the text cts2010 printed on the extreme left hand of the cheque leaf.
And you must do it latest by december 31, 2018, if you dont want your cheques to. Ensure you use a cts 2010 compliant cheque, and know the types of cheques for different purposes and the consequences of bounced cheques. 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. Features of cts2010 standard chequects cheque truncation system 6222014 01. 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. With this, the bank will not accept all non cts cheques that you issue from your existing cheque book and those will be out of circulation from december 31, 2012. Cheque book issued till 04 november 2012 is non cts compliant is my cheque cts compliant. Watermark cts india to be visible cheque is held against any light. Is your cheque book cts2010 compliant standard chartered india. Cts2010 standard cheque introduced for standardization of security features and easy processing. Important message cts 2010 regulation applicable to. Sep 03, 2012 it is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts 2010. But there is still a large volume of noncts2010 format cheques being presented in imagebaseda clearing.
Bank customers do not need to discard their noncts 2010 standard cheque books in a hurry to get their multicity cts2010 standard cheque leafs. If the cheque book is not with cts 2010 cheque leafs, they are referred to as non cts cheque books. Will my old cheques that are not cts2010 still work. If you received your chequebook before august 2011, you are requested to order a new one. Nov, 2012 based on these guidelines banks started issuing cts2010 standard cheque books to their customers from august 2011. 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. Therefore, we recommend you to place a request for a new cheque book. Cts 2010 standard cheques will be cleared on all working days. Though the reserve bank of india deadline for issuing new cheques under the cts 2010 cheque truncation system is coming to an end on march. If you have ordered your cheque books recently, say, a month. 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. You need to apply in your bank for the same and it is available free of cost. Hence, the existing clearing arrangements will continue till december 31, 20.
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