It is illegal to issue a blank or post dated cheque. What is the format of cts2010 standard cheque book. In case you hold cheque books prior to august 2011, immediately replace them with cts 2010 compliant cheque books from your own branch. Non cts compliant cheques shall not be processed for clearing with effect from january 1, 2019, pnb said in a notification. Procedural guidelines for cheque truncation system cts.
So it is necessary for all to understand how your new cheque format looks like. The benchmark prescriptions are collectively known as cts 2010 standard. 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. If you are holding the non cts 2010 standard cheque books cheque leaves, you are requested to surrender the same at the base branch where you are having your account and apply for new cts 2010 standard cheque book. Cheque books issued, by the bank, on or after 1st january 2012 are cts 2010 standard compliant. Important message cts 2010 regulation applicable to.
Also all the current circulated cheques will be replaced within 31st march, 20. Axis bank has started issuance of cts 2010 cheque book post august 2011. You can see some of the features to identify if you have a cts 2010. As per guidelines, non cts2010 cheques issued by bank in india will be. If these features are not present in your cheque book, than your cheque book is not a valid cts 2010 standard compliant. Instead of this an electronic image of the cheque is transferred with vital essential data. You must obtain a cts2010 compliant cheque book on or before 31st march 20. So you should immediately indent a new cts 2010 standard. 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. 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. As the term proposes, truncation is the course of discontinuing the flow of the physical cheque in its way of clearing. Cheques not complying with cts2010 standards will be cleared at less frequent intervals i. Those who have given non cts 2010 cheques for paying their car or home loan emis must resubmit cts 2010 standards cheques before.
The new cts standard cheque format will not only help to fasten the process of cheque clearance but also helps in avoiding frauds. Please note that when you receive or issue a cheque, if. What is bearer cheque, order cheque, crossed cheque, open. If you received your chequebook before august 2011. The benchmark prescriptions are collectively known as cts2010 standard. Request you to make a note that noncts compliant cheques would not be accepted by banks for clearing post 31 july 20. Debt mutual funds airbnb layoffs new tax regime vs old tax regime eps money withdrawal credit. We are arranging to send these new series cheque books to our valued customers at their last. So, if you have sent a request for issuing a new cheque book, say a.
Although this is the second time rbi have extended the date of implementation of cts 2010 but it is expected to be implemented soon as some banks have already started issuing cts 2010 cheques to there customers. The deadline for new cheques under the cheque truncation system cts 2010 has been extended till 31 march 20 by the rbi. Cheque truncation system cts cheque printing software. Cheque book issued prior to december 2010 is noncts compliant. Rbi extends cheque upgradation deadline till march next year 14 dec, 2012, 01. Cheque printing software indian banks cts 2010 functional. You need to apply in your bank for the same and it is available free of cost. Post dated cheques issued by you and due after 31st march 20, needs to replace by cts 2010 compliant 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. Please look for the letters cts2010 printed perpendicularly on the cheque leaf near the perforation on the left side as shown in the image.
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. 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. 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. New format cheques from jan 1 the hindu businessline. Here it seems you are asking about a cheque which is signed but not dated and no other details are filled in. In case your cheque is not cts2010 compliant, you can request for a new cheque book by logging in to citibank online. Only cheque books issued after aug 2011 are cts 2010 compliant. Noncts compliant cheques shall not be processed for clearing with effect from january 1, 2019, pnb said in a notification. Check your current cheque book is it valid new cts. What does cts 2010 noncompliant cheque mean in icici. It is now mandatory for banks to strictly issue standardized and enhanced new format of cheques called cts2010. Jurisdiction of clearing house not dependent on geographical considerations. Cheques printed from chequeman are 100% cts complaint. As per rbi guidelines, non cts 2010 standard cheques will be withdrawn from circulation by 31december20.
If you received your chequebook before august 2011, you are requested to order a new one. If these features are not present in your cheque book, than your cheque book is not a valid cts2010 standard compliant. All cheques issued by banks including dds pos issued by banks with effect from the date of this circular shall necessarily conform to cts2010 standard. Cheque truncation system cts is a cheque clearing system undertaken by the reserve bank of india rbi for quicker cheque clearance. 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. The right hand corner of the cheque leaf has boxes provided for the date which is in the ddmmyyyy format. Standardisation and enhancement of security features in cheque forms, the introduction and implementation of additional security features on cheque forms will commence from 1.
Branch address with ifsc code printed top of the cheque. Rbi new cheque cts 2010 guide line standardization and enhancement of security features in cheque formsmigrating to cts 2010 standards a. All banks providing cheque facility to their customers have been advised to issue only cts 2010 standard cheques. As per rbi, banks are advised to issue only cts2010 standard cheques to their customers. International helpline 91446685 4555 or your relationship manager to request for a new cheque book. 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. 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. Cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. The printer details along with the words cts2010 is mentioned along the area where you tear off the leaf from the cheque book. 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. Watch the demo video to know why the new cts system speeds up cheque clearing.
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. Cts 2010 standard cheques will be cleared on all working days. All chequebooks issued by the bank after aug 2011 are cts 2010 compliant. Banks, customers go slow in adopting new cheque book the hindu. Everything you need to know about cts 2010 cheques. 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. Simple guide for customers to identify if their cheques are cts. Important message cts 2010 regulation applicable to cts.
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. 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. 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. Watch the demo video to know why the new cts system speeds up cheque clearing times. If your cheque book is issued prior to august 2011, you are requested to indent for a new cheque book to avoid any inconvenience. New cheque standards cts 2010 standards has enhanced cheque security.
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. The move to replace cheques with instruments that meet the new cheque. Get your non cts cheque book replaced immediately, it said. Incase the cheque book you currently have is not cts 2010 compliant as per the above features we request you to immediately order a new cheque book. When a cheque is not crossed, it is known as an open cheque or an uncrossed cheque. The introduction of new cheque standards cts 2010 was warranted on account of several developments in the cheque clearing viz. From january 1, it will be mandatory to use only new cheque leaves that are compliant.
It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts2010. Cts 2010 standard has introduced new security and format features in cheques, including popular micr code. No non cts 2010 cheques will be encashed after this date. Features of cts2010 standard chequects cheque truncation. Otherwise, cts 2010compliant cheques are designed uniformly in terms of size. 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. Please note that non cts 2010 standard cheques will not be valid after december 31, 2012. Bank customers rbi new guidelines 2019 non cts 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.
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. The clearing timings of noncts session are covered in annex xb 1. You can see some of the features to identify if you have a cts2010. Following are the features of new cts 2010 compliant cheques. You can also request for a new cheque book through dbs atm or internet banking. Sep 03, 2012 it is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts 2010. If you are holding the non cts2010 standard cheque bookscheque leaves, you are requested to surrender the same at the base branch where you are having your account and apply for new cts2010 standard cheque book.
If you have ordered your cheque books recently, say, a month ago, you may already have the new cheque leaves with you. Get your noncts cheque book replaced immediately, it said. Dec 16, 2012 you must obtain a cts 2010 compliant cheque book on or before 31st march 20. 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. Also already circulated cheques will be replaced within 31st december 2012. To verify if your cheque will hold true post december 2012, check for the following two features on cheque, if they are present, you dont need to worry, if not, order your new cheque book varies from bank to bank.
Everything you need to know about cts 2010 cheques banking. Sbi to send new cheque books by dec 15, update your address. Will my old cheques that are not cts2010 still work. 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.
Just check, whether your existing cheque book is ctscompliant or you need to get a new ctscomplaint cheque book issued before 31st december 2012. Please note that non cts 2010 standard cheques will not be valid after july 31, 20. Please note that non cts2010 standard cheques will not. Effective december 31st, 2012 usage of non cts 2010 standard cheques would not be applicable with regard to your investments. Features of new cts 2010 compliant cheque chequeman blog. Go to your bank branch and request for a new cheque book or order one online. There is a new symbol of rupees inserted near the numerical amount column. If the letters cts2010 are present here, your cheque book is cts2010 standard compliant. If the above letters are present, your cheque book is cts2010 compliant 5. If you have ordered your cheque books recently, say, a month. Clearing for noncts 2010 instruments clearing type no.
Commercial aspects costs involved in paper movement eliminated. How to identify my cheque book cts2010 standard compliant or. Enhancement of security features in cheque forms migrating to cts 2010 standards as covered in annex xa and other circulars from time to time. So you should immediately indent a new cts2010 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. Accordingly, the cheques issued are tested and certified by npci and only after such cerification the cheques would be issued to the customers. 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.
Those who have given noncts2010 cheques for paying their car or home loan emis. Many banks are proactively sending the new cheque books to their account holders. Mar 03, 2018 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. The word is clearly visible in photocopies of a cheque.
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. Older cheque leaf to outdate on dec 31, 2012 cts 2010. Request you to make a note that non cts compliant cheques would not be accepted by banks for clearing post 31 july 20. Sep 03, 20 cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. Please sign abovea is written on the cheque at the bottom right side. New clearing type will be defined for specific days on which noncts 2010 instruments in addition to the existing clearing v. No clearance of noncts compliant cheques from january. Rbi has said that it would let banks accept and clear noncts cheques even after 1st april 20, but the clearing of these cheques would be less frequent than cts 2010. Those who have given noncts2010 cheques for paying their car or home loan emis must resubmit cts2010 standards cheques before. All banks providing cheque facility to their customers have been advised to issue only cts2010 standard cheques. The chance of cheques getting dishonoured bounced due to new cts rules is almost zero.