You must ensure that your cheque book is cts2010 compliant. To help you identify whether the cheque book you currently hold is cts compliant or not, you can look for the following features. Cheque books issued after aug 2011 are cts 2010 compliant. You must obtain a cts2010 compliant cheque book on or before 31st march 20. Can you please mail me a scanned copy of the latest cheque leaf that is compliant with cts 2010. 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 new cts 2010 compliant cheque chequeman blog.
Customers may requestinsist their banks for cheque forms that are compliant with the cts 2010 standard. Cheque printer details along with cts2010 mentioned on the extreme left hand side, near. Still using nonctc compliant cheques for making payments and. Private bankers such as icici bank and hdfc bank had started issuing cts2010 compliant cheque books since last year as also public bankers such as the state bank of india, allahabad bank and united bank of india. Get ready to order new india cheque books times of. Also already circulated cheques will be replaced within 31st december 2012. Please sign above is mentioned on bottom right of the cheque. The cut off date for accepting non cts cheques has been extended till 31st july 20. All cts 2010 cheques will carry a standardized watermark with the words cts india which can be seen when the cheque is held against a light source.
All residual noncts2010 cheques with customers will continue to be valid. Cheque truncation system cts cheque printing software. Change your cheque book before 31st december certified. 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. The branch address and ifsc code should be on the top left side of the cheque 2. Go to your bank branch and request for a new cheque book or order one. Please note, from 1st jan 2015, non cts standard cheques shall be cleared only once a week i. In addition, you can view the status of each cheque. Cheque truncation system new benchmark for cheques in banks. Standard chartered bank 2020 site map about us bank with us atms and. If these features are present in your cheque book, it is a cts compliant one. This year, there is something very important which you must do immediately, to ensure smooth financial transactions with your bank.
Noncts cheques valid till 31 july rbi the rbi has also said the system of post dated cheques and payment via emi, in either the old or new format, will be banned from now wherever electronic. Punjab national bank pnb has asked its customers to get their noncts compliant cheques replaced as these instruments will not be accepted for clearance in the banking system from january. 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. So it is necessary for all to understand how your new cheque format looks like. Please surrender your unused non cts cheques at your branch and obtain new cts 2010 standard cheque book.
Go to your bank branch and request for a new cheque book or order one online. These cheques have cts 2010 printed near the left margin. 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. If you have account with union bank then better to contact them. Cts 2010 compliant cheques latest breaking news, pictures, videos, and special reports from the economic times. Rbi extends deadline for withdrawing noncts 2010 cheques. 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. Watch the demo video to know why the new cts system speeds up cheque clearing times for you, and how to identify a cts compliant cheque. Kindly do your own research or contact your financial planner before making any financial decisions. Just observe if the 5 things mentioned above are visible on your existing cheque leaf or not. As per rbi guidelines, noncts2010 standard compliant cheques will be accepted for clearing up to july 31, 20. The word cts2010 must be printed on the left hand side of the cheque near perforation.
In the cheque book details table you can maintain details of cheque books issued to your customers. 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. It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts2010. This article on cts cheque 2010 is for increasing public awareness and a special information for indian. What is the format of cts2010 standard cheque book millennial approach to financial freedom, mutual funds and investments. 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. Also all the current circulated cheques will be replaced within 31st march, 20. 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. Everything you need to know about cts 2010 cheques banking. Education brics math competition 2020 registration and important details. For the past 6 months, rbi has been announcing several times saying noncts2010 compliant cheques would be valid up to specific period. Noncts cheques valid till 31 july rbi india infoline. If they are, then your cheque book is ctscompliant.
Cts cheque book facility this facility has helped many of our corporatecommercial clients in their business. However some of the features of cts cheques are cheque printer details. Does your software supports cts2010 cheque formats. Its mentioned on the side line of the cheque as cts2010 to identify whether its cts2010 standards or not. Overseas forex trading through internet trading portals. 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. You need to apply in your bank for the same and it is available free of cost. 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. 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.
To help you identify whether the cheque book you currently hold is cts compliant or not, you can look for. One can find this symbol where we write amount in figures. Cheque book issued prior to december 2010 is noncts compliant. Cts2010 compliant cheque will have the printer details along with the text cts2010 printed on the extreme left hand of the cheque leaf. Noncts2010 complaint cheques valid up to jul20how does this impact you. Noncts compliant cheques shall not be processed for clearing with effect from january 1, 2019, pnb said in a notification. No noncts2010 cheques will be encashed after this date. We would like to inform you that we have been issuing cts2010 compliant cheque books since. 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. Cts 2010 compliant cheque means, the cheque adheres to the cheque truncation system which started in 2010 in india, as per the guidelines of rbi.
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. So, the validity of non cts cheques is again extended, this time upto 30th april 2014. 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. As per rbi guidelines, only cts 2010 standard cheque books are to be used after 31 december 2012. 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. Therefore, we recommend you to place a request for a new cheque book. My cheque book is not cts2010 compliant, what to do. We would like to inform you that we have been issuing cts2010 compliant cheque books since april 2011. Reserve bank of india has issued instructions that all noncts 2010 compliant cheques will be invalid from 31st july 20. Important points to replace non cts2010 compliant cheques. Number of accounts to which cts2010 standard instruments are yet to be issued. Check your current cheque book is it valid new cts. From april 20, all banks have to ensure the withdrawal of noncts 2010 standard cheques.
Yes, as per the new guidelines provided by rbi reserve bank of india all indian banks should follow cts2010 cheque formats, and virtual splat has already taken care about this rule. You can continue to use the same and there is no further action required. Banks would ideally send a communication informing the customers about the new regulations and asking the customers to contact the bank for requesting new cts 2010 standard cheque book depending. Will my old cheques that are not cts2010 still work. You can now print your cheque in cts2010 with out any worries. After i placed a request for new cheque book, i found that my existing cheque book issued to me in mar2012 was already a cts2010 one. If you havent switched to cts cheques, you have 4 more months. It is now mandatory for banks to strictly issue standardized and enhanced new format of cheques called cts2010. 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. 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. Identify whether your existing bank accounts cheque books are cts2010 compliant request for a new cheque book, if required.
Cheque book issued till 04 november 2012 is noncts compliant is my cheque cts compliant. Kindly contact your nearest branch or call our customer care centre on local helpline. What is the format of cts2010 standard cheque book. Words cts2010 printed on the left hand side of the cheque leaf near perforation. Words cts 2010 printed on the left hand side of the cheque leaf near perforation 2. First and foremost, many thanks goes to axis bank, india for providing helpful information. Cheque book issued prior to december 2010 is noncts compliant savings treasure accounts. A pantograph which shows voidcopy while taking photocopy of the cheque below the account number. Just check, whether your existing cheque book is ctscompliant or you need to get a new ctscomplaint cheque book issued before 31st december 2012. Branch address with ifsc code printed top of the cheque. The branch address should be printed on the left side top corner.
Those who have given noncts2010 cheques for paying their car or home loan emis. I hope you are clear about cheque truncation system cts and how your cheques will become invalid from jan 1,20. What does cts 2010 noncompliant cheque mean in icici. If the letters cts 2010 is printed perpendicularly along with the name of the printer, on the cheque near the perforation on the left side, it is cts 2010 compliant. Order your new cts compliant cheque book today and. 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. If the letters cts2010 are present here, your cheque book is cts2010 compliant. Therefore all the customers must get cts 2010 compliant cheques before the due date. For the uninitiated, cts transforms cheque clearing from a paperintensive to a digital.
Cts cheque 2010 is a image based cheque clearing system undertaken by public banks of many countries for faster clearing of cheques based on electronic data. Watermark cts india to be visible cheque is held against any light. How do i know if my present cheque book is cts2010 standard compliant. If you are still in possession of nonctc cheque books, then it is in. The advent of cts2010 compliant cheques will make the existing cheques invalid from 31 july 20.
If you received your chequebook before august 2011, you are requested to order a new one. Only cts 2010 standard cheque books are to be used after. There is a new symbol of rupees inserted near the numerical amount column. If not, we would request you to visit your bank and apply forcollect new cts2010 standad compliant cheques for efficient banking activity. Simple guide for customers to identify if their cheques are cts. Jan 12, 20 8 boxes to write the date in ddmmyyy format. 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 you have ordered your cheque books recently, say, a month ago, you may already have the new cheque leaves with you. 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. How to identify my cheque book cts2010 standard compliant. Please contact your home branch for replacement with cts2010 standard cheques. Is your cheque book cts2010 compliant standard chartered india. Following are the features of new cts 2010 compliant cheques.
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