The Reserve Bank of India (RBI) has introduced a new check clearance system starting October 4.
Under this system, checks deposited will be processed and credited to your account within a few hours, unlike earlier, when it could take up to two days.
The system is called “Continuous Clearing and Settlement.” Banks will scan, present, and clear checks during bank working hours. Testing of this system began a day earlier to ensure smooth implementation.
Guidelines for Customers
Maintain Sufficient Balance:
Private banks such as HDFC Bank and ICICI Bank have asked customers to keep enough balance in their accounts to prevent check bouncing.
Customers are also advised to fill in all check details correctly, as errors can lead to delays or rejections.
Transactions Above ₹50,000:
For checks exceeding ₹50,000, customers must provide transaction details 24 hours in advance using the Positive Pay system.
Positive Pay System Details:
When using this system, you need to provide:
Your account number
Cheque number
Date
Amount
Name of the payee
The bank will verify these details upon receiving the check. If everything matches, the check will be cleared. If not, it will be rejected, and you will need to re-enter the details.
