About cts 2010 cheque book sbi

A majority of banks, including sbi and pnb, have already informed their. Many banks have still not asked their customers to surrender the noncts 2010 cheque books to reflect the change, a crosssection of. Sep 03, 20 cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. However some of the features of cts cheques are cheque printer details. What has been orally informed is that so long the details relaing to the ac no. Cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. Important message cts 2010 regulation applicable to cts. The number of cheque leaves in the multi city payable at par cts2010 standard cheque books will be as under. In an official notice on its website, hdfc bank says separate sessions for clearing of noncts cheque will be discontinued from december 31. If your cheque book is issued prior to august 2011, you are requested to indent for a new cheque book to avoid any inconvenience. Sbi to accept cheques conforming to new standards from jan. Rbi has issued a circular telling all banks that they should only process and accept those cheques which follow cts guidelines what is cheque. 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.

All banks providing cheque facility to their customers have been advised to issue only cts2010 standard cheques. If you have availed a home or auto loan and issued postdated. Earlier in the month, sbi decided to discontinue accepting the existing cheques that. State bank of india today said it will from january 1 accept only those cheques which conform to new standards. Noncts cheques may face further clearance delay from may 1. Cts2010 compliant cheque will have the printer details along with the text cts2010 printed on the extreme left hand of the cheque leaf.

All chequebooks issued by the bank after aug 2011 are cts 2010 compliant. It might happen that your cheques start bouncing and do not get accepted from jan 1, 20. You must have seen following advertisementnotice given by sbi in local newspapers. Request you to make a note that non cts compliant cheques would not be accepted by banks for clearing post 31 july 20. Noncts cheques may face further clearance delay from may.

Sbi customers can deposit their noncts cheque in their respective branch and get free new cts2010 standard chequebook. In the year 2010, rbi came up with the guidelines for cheque truncation system. The step has been taken as per the direction of the reserve bank of india. 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 december 31. 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. May 09, 2020 rbi extends cheque upgradation deadline till march next year 14 dec, 2012, 01. Many banks have still not asked their customers to surrender the non cts 2010 cheque books to reflect the change, a crosssection of. Sbi to send new cheque books by dec 15, update your address. You should ask your party to provide cts cheques only. 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. Cheque truncation system reduces the scope for clearingrelated frauds. This eliminates the cost of movement of physical cheques and reduces the time for clearance for better delivery of services to customers. 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.

All the 14 lcpcs are printing and issuing mccs in respect of branches linked to them. You can now print your cheque in cts2010 with out any worries. As per the direction of reserve bank of india rbi, non cts2010 cheques will be withdrawn by 31st march 20. The number of cheque leaves in the multi city payable at par cts 2010 standard cheque books will be as under. Apr 29, 2014 non cts cheques may face further clearance delay from may 1. You can also request for a new cheque book through dbs atm or internet banking. Sep 03, 2012 i enquired with sbt whether to change my holding cheque book to obtain the new cts 2010.

You must obtain a cts 2010 compliant cheque book on or before 31st march 20. Speed clearing system is applicable for both cts2010 grid based clearing system and noncts clearing system. You can now print your cheque in cts 2010 with out any worries. Watch the demo video to know why the new cts system speeds up cheque clearing 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. 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. 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. If you are still in use of nonctc cheque books, then it is in your own interest to get those. Earlier, cheques deposited by customers used to be presented by the collecting bank to the paying bank over the counter of t. 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. Nov 29, 2012 so please verify whether cheque book you have a already cts 2010 before rushing to bank to get a new one. Effective december 31st, 2012 usage of non cts 2010 standard cheques would not be applicable with regard to your investments. Cheque truncation system new benchmark for cheques in banks.

Can you please mail me a scanned copy of the latest cheque leaf that is compliant with cts 2010. Everything you need to know about cts 2010 cheques banking. Cheque frauds can be greatly reduced with introduction of minimum security features prescribed under cts standards 2010, such as embedded verifiable features such as barcodes, encrypted codes. Personalfn explains, what does a cts complaint cheque mean and why it is. If the cheque book is not with cts 2010 cheque leafs, they are referred to as non cts cheque books. 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. Dec 19, 2018 so, better hurry up if you havent got your old cheque books replaced with cts2010 standard cheque books. Therefore, we recommend you to place a request for a new cheque book. Sbi to introduce new cheque standard from jan 1 dumisoft. The measure is primarily aimed at serving duel objectives. Cts 2010 standard cheques will be cleared on all working days. A reproduction of the sample cheque available on rbis website.

Cts 2010 the banks would need to upgrade a few things to comply with cts 2010 standards of rbi. Cheques not complying with cts 2010 standards will be cleared at less frequent intervals i. 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. So it is necessary for all to understand how your new cheque format looks like. 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. 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. 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. It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts2010. Noncts compliant cheques shall not be processed for clearing with effect from january 1, 2019, pnb said in a notification.

Hence, the existing customers are now required to surrender their existing cheque book and ask for cts2010 benchmarked cheques. Non cts cheque book will not accept, sbi cheque book rule. And you must do it latest by december 31, 2018, if you dont want your cheques to. Watch the demo video to know why the new cts system speeds up cheque clearing.

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. No clearance of noncts compliant cheques from january. Only cts 2010 standard cheque books are to be used after. Cts 2010 standard and old bank cheques of india cts 2010 cheque truncation system cheque is a new type of cheque introduced by reserve bank of india. 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. Rbi had issued a notification relating to the implementation of cts 2010 standard. 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. As per the negotiable instruments act, every cheque is required to be presented to the drawee paying bank for payment. The deadline for new cheques under the cheque truncation system cts 2010 has been extended till 31 march 20 by the rbi.

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. Change your cheque book before 31st december certified. Rbi guidelines on standardization of security features for cheque leaves, referred to as cts2010 are aimed at enhancing customer safety and facilitating easier processing of cheques. The word cts2010 must be printed on the left hand side of the cheque near perforation. Cts2010 standard cheque introduced for standardization of security features and easy processing. So, better hurry up if you havent got your old cheque books replaced with cts2010 standard cheque books. All banks providing cheque facility to their customers have been advised to issue only cts 2010 standard cheques. Dec 19, 2018 sbi notice the state bank of india, for instance, has put a notice on its website which says, as per rbi directives, periodicity for processing noncts cheques in cts clearing has been. Yes, as per the new guidelines provided by rbi reserve bank of india all indian banks should follow cts 2010 cheque formats, and virtual splat has already taken care about this rule. 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. One can find this symbol where we write amount in figures. Its all about cts 2010 new cheque truncation system. There is a new standard in banking called as cheque truncation system or cts 2010, which all the banks have to follow now.

Just check, whether your existing cheque book is ctscompliant or you need to get a new ctscomplaint cheque book issued before 31st december 2012. Also already circulated cheques will be replaced within 31st december 2012. 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. Sbi is arranging to send these new series of cheque books to its customers at their last recorded address.

The benchmark prescriptions are collectively known as cts2010 standard. International helpline 91446685 4555 or your relationship manager to request for a new cheque book. 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. 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. Rbi extends cheque upgradation deadline till march next year 14 dec, 2012, 01. 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 for clearing. Sbi notice the state bank of india, for instance, has put a notice on its website which says, as per rbi directives, periodicity for processing noncts. May 12, 2020 sbi to accept cheques conforming to new standards from jan 1 05 nov, 2012, 10.

After i placed a request for new cheque book, i found that my existing cheque book issued to me in mar2012 was already a cts 2010 one. My cheque book is not cts 2010 compliant, what to do. 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. Printing of mccs is now fully in conformity with cts 2010 standards. 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 frauds can be greatly reduced with introduction of minimum security features prescribed under cts standards 2010, such as embedded verifiable. Check your current cheque book is it valid new cts. Cheque books not containing cts2010 cheque leafs are called. Android hindi news app, ios hindi news app amarujala hindi news app. Cts2010 cheque truncation system cheque is a new type of cheque introduced by reserve bank of india. As per guidelines, non cts2010 cheques issued by bank in india will be withdrawn from circulation by march 31, 20. If the cheque book is not with cts2010 cheque leafs, they are referred to as noncts cheque books. Important message cts 2010 regulation applicable to. Cheques not complying with cts2010 standards will be cleared at less frequent intervals i.

Again i want to remind you that from november onward non cts cheque will be presented only once in a week i. Stop accepting non cts cheques from your client as noncts cheques will delay clearance,approximately it will take three to four days to clear. The move to replace cheques with instruments that meet the new cheque cts. The cheque presented the cheque in sbi,branch namesbi ccpc. 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. Get your new chequebook, now patna news times of india. Cts 2010 standard cheque introduced for standardization of security features and easy processing. What is the format of cts2010 standard cheque book. Jan 12, 20 8 boxes to write the date in ddmmyyy format. The benchmark prescriptions are collectively known as cts 2010 standard. 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.

Everything you need to know about cts 2010 cheques. Similarly, in september this year, punjab national bank pnb had asked its. Cheque book issued prior to december 2010 is noncts compliant. If you have ordered your cheque books recently, say, a month ago, you may already have the new cheque leaves with you. You must obtain a cts2010 compliant cheque book on or before 31st march 20. Indian bank charges rupees thirty for one cts2010 cheque book, from customers. I fail to understand sbis motive to earn from such mode, from the general. Cheques issued by any bank needs to be compliant with cheque truncation system cts 2010 standards, according to rbi reserve bank of india guidelines.

The deadline for new cheques under the cheque truncation system cts2010 has been extended till 31 march 20 by the rbi. You need to apply in your bank for the same and it is available free of cost. 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. All the customers of state sbi to introduce new cheque. Does your software supports cts2010 cheque formats. 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. My cheque book is not cts2010 compliant, what to do. 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.