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. How is cts 2010 will be different from earlier system of cheque clearance. Nov, 2014 noncts compliant cheques, drafts still in circulation. Tips to replace non cts2010 compliant cheques the economic. Jan 12, 20 8 boxes to write the date in ddmmyyy format. Cts best practice guidelines national payments corporation of india 5 1. So it is necessary for all to understand how your new cheque format looks like. If you have availed a home or auto loan and issued postdated. Dec 31, 2012 if the cheques are not compliant with the new cts 2010 standards by march 31st 20, they may be considered invalid and may not be honored post the deadline or may be cleared at a less frequent. Everything you need to know about cts 2010 cheques. Fintotal news analysis noncts2010 cheques will take. There is a new standard in banking called as cheque truncation system or cts 2010, which all the banks have to follow now. Your cheque book may be invalid from jan 1, 20 rediff.
There is a new symbol of rupees inserted near the numerical amount column. If your cheque book is issued prior to august 2011, you are requested to indent for a new cheque book to avoid any inconvenience. Based on the 31 march deadlines, many vendors like ebay have already put. 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. In case if your cts 2010 cheque book, you must obtain a new cts complied cheque book, and surrender the non compliant one to the bank.
If you havent switched to cts cheques, you have 4 more months. Then this cheque moves physcially from his bank to your bank which involves a lot of time and risk. Latest newsdeadline of 31st december 2012 is extended to 31st march 20 from rbi. All residual noncts2010 cheques with customers will continue to be valid and accepted in all clearing houses including the cheque truncation system cts centres for another four months up. All residual noncts2010 cheques with customers will continue to be valid and. You can also request for a new cheque book through dbs atm or internet banking. 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.
The number of cheque leaves in the multi city payable at par cts2010 standard cheque books will be as under. Cheques not complying with cts 2010 standards will be cleared at less frequent intervals i. The rbi has issued standards for the cts2010 cheque book, which can be accessed at ecs debit. Note that all new cheque books issued by indian banks compulsorily have to be cts2010 compliant, so if you issued a new chequebook recently, it should be compliant. As per the revised guidelines of rbi the validity of noncts compliant cheques have been extended till 31st a july 20. If the above letters are present, your cheque book is cts2010 compliant 5. Can you please mail me a scanned copy of the latest cheque leaf that is compliant with cts 2010. You need to apply in your bank for the same and it is available free of cost. 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. As per the revised rbi guidelines, the deadline of use of non cts compliant cheques have been further extended till 31st december 20.
Standardisation and enhancement of security features in. No noncts2010 cheques will be encashed after this date. All banks providing cheque facility to their customers have been advised to issue only cts2010 standard cheques. Check your current cheque book is it valid new cts. Please note that when you receive or issue a cheque, if. Mar 18, 20 note that all new cheque books issued by indian banks compulsorily have to be cts2010 compliant, so if you issued a new chequebook recently, it should be compliant. You can continue to use the same and there is no further action required. All banks providing cheque facility to their customers have been advised to issue only cts 2010 standard cheques. Noncts compliant cheques, drafts still in circulation the. Now that payment deadlines have been relaxed due to covid19, the. Please sign abovea is written on the cheque at the bottom right side. All the cts2010 cheque should be clean, image friendly and over writing is not accepted because the cheque will be cleared through image based clearing system. Printing of mccs is now fully in conformity with cts 2010 standards. Deadline for cts compliant cheques extented to 31st july.
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. Cheque printing software indian banks cts 2010 functional. Cts2010 standard cheque book issued to the customers will have cheque leaves with letters cts2010 printed vertically on the cheque leaf near the perforation on the left hand side. 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. Go to your bank branch and request for a new cheque book or order one online. 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. Cheque book issued till 04 november 2012 is non cts compliant is my cheque cts compliant. Get ready to order new india cheque books times of india. Also all the current circulated cheques will be replaced within 31st march, 20. My cheque book is cts2010 compliant and the above feature is present in my cheque book. Cts 2010 new cheque truncation system wef 1st april 20. Mar 20, 20 all residual noncts2010 cheques with customers will continue to be valid and accepted in all clearing houses including the cheque truncation system cts centres for another four months up. Please look for the letters cts2010 printed perpendicularly on the cheque leaf near the perforation on the left side as shown in the image.
For the uninitiated, cts transforms cheque clearing from a. Does your software supports cts 2010 cheque formats. Cheques not complying with cts2010 standards will be cleared at less frequent intervals i. 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. Deadline of cts cts deadline is till 31st march 20. Gridbased cheque truncation system cts has been launched in chennai, mumbai. 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. Based on the 31 march deadlines, many vendors like ebay have already put up notices to only accept cts2010 cheques, so get your new cheques before they start to bounce. We are pleased to advise that standard chartered bank has been issuing cts2010 standard compliant cheque books to our customers. Latest news deadline of 31st december 2012 is extended to 31st march 20 from rbi. The presenting bank captures the cheque images and magnetic ink charecter recognition micr data from end to end precise scanners by using the capture. Nov 19, 2014 all banks providing cheque facility to their customers have been advised to issue only cts 2010 standard cheques. Bank customers do not need to discard their noncts 2010 standard cheque books in a hurry to get their multicity cts2010 standard cheque leafs. Noncts cheques were meant to be discontinued from use throughout the country from 31 july 20.
Sep 03, 2012 it is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts 2010. Noncts cheques valid till 31 july rbi india infoline. Please identify if your existing citibank account cheque book is cts2010 compliant. All the 14 lcpcs are printing and issuing mccs in respect of branches linked to them.
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. Post dated cheques issued by you and due after 31st march 20, needs to replace by cts 2010 compliant cheques. The lender is preparing to send the new series of cts compliant cheque books by december 15, 2012. Request you to make a note that noncts compliant cheques would not be accepted by banks for clearing post 31 july 20. All chequebooks issued by the bank after aug 2011 are cts 2010 compliant.
And if you hold any postdated cheques beyond 31st march you will have to arrange to get it replaced with a new cheque truncation system cheque. 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. Following are the features of new cts 2010 compliant cheques. Customers are being issued new chequebooks conforming to cts 2010 since april last, and most have the new book. If your chequebook is not compliant with rbis cheque truncation system cts, implemented from october 1, it may be invalid from january 1, 20.
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. It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts2010. Noncts cheques may face further clearance delay from may. Though banks have started issuing new cts2010 based cheque books to customers, a large number of noncts2010 standard cheques are still being used. Therefore, we recommend you to place a request for a new cheque book.
Apr 29, 2014 non cts cheques may face further clearance delay from may 1. You must obtain a cts 2010 compliant cheque book on or before 31st march 20. Cheque truncation system cts explained bankexamstoday. 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. However, as per rbi guidelines dated 18th march, 20, now this deadlines has been. 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. 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. Features of new cts 2010 compliant cheque chequeman blog. If the cheques are not compliant with the new cts 2010 standards by march 31st 20, they may be considered invalid and may not be honored.
Cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. Though the reserve bank of india deadline for issuing new cheques under the cts 2010 cheque truncation system is coming to an end on. Nov 29, 2012 so please verify whether cheque book you have a already cts 2010 before rushing to bank to get a new one. 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.
Get your new chequebook, now patna news times of india. The branch address and ifsc code should be on the top left side of the cheque 2. If your cheque book is already cts2010 compliant, you can continue using the same and there is no further action required. Deadline for cts compliant cheques extented to 31st july 20 uncategorized march 25, 20 leave a comment the reserve bank of india rbi has asked banks to issue new cts2010 compliant cheque books under the new format and has given. Cheque printer details along with cts2010 mentioned on the. Jan 01, 20 post dated cheques issued by you and due after 31st march 20, needs to replace by cts 2010 compliant cheques. In the recent period you must have received text messages and emails to change your old cheque book. Cheque book issued till 04 november 2012 is noncts compliant is my cheque cts compliant. Starting 1 august 20 only cts2010 compliant cheques would be accepted for clearing. The benchmark prescriptions are collectively known as cts 2010 standard. Cts 2010 standard cheques will be cleared on all working days. Cheque truncation system cts cheque printing software. Cheque book issued prior to december 2010 is noncts compliant savings treasure accounts. Cheque books issued, by the bank, on or after 1st january 2012 are cts 2010 standard compliant.
Cheque book issued prior to december 2010 is non cts compliant savings treasure accounts. 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. Branch address with ifsc code printed top of the cheque. 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. New rbi guidelines for cheque truncation consumer resources.
International helpline 91446685 4555 or your relationship manager to request for a new cheque book. My cheque book is not cts 2010 compliant, what to do. The cheque truncation system cts is basically an online imagebased clearing system ics. Under the cts system, the physical movement of cheques between banks will be elminated. The benchmark prescriptions are collectively known as cts2010 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. At present, when you issue a cheque to someone, he has deposit the cheque in his bank to get credit. How does it work cheque truncation system is an online imagebased cheque clearing system which involves scanning of cheque images and subsequent electronic movement replication of these images within the. The number of cheque leaves in the multi city payable at par cts 2010 standard cheque books will be as under. Rbi extends cheque upgradation deadline till march next year 14 dec, 2012, 07. Does your software supports cts2010 cheque formats. If the letters cts2010 are present here, your cheque book is cts2010 compliant. As per rbi guidelines, noncts2010 standard compliant cheques will be accepted for clearing up to july 31, 20. Everything you need to know about the new cheque regime.
My cheque book is not cts2010 compliant, what to do. In case you hold cheque books prior to august 2011, immediately replace them with cts 2010 compliant cheque books from your own branch. Also already circulated cheques will be replaced within 31st december 2012. In this system of clearing, the collecting bank need not present the physical cheque to the drawee branch. Further, in case you have issued noncts2010 standard postdated cheques pdcsequated monthly instalment emi cheques for repayment of your loan, you are. Non cts compliant cheques cheques not compliant to the cheque truncation systemcts 2010 standards will be cleared thrice a week only, until 30 april, 2014. Everything you need to know about the new cheque regime new delhi, dec 3. So, the validity of non cts cheques is again extended, this time upto 30th april 2014. 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 transmitted.
Dec 23, 2012 it is now mandatory for banks to strictly issue standardized and enhanced new format of cheques called cts 2010. Bank invites competitive rates for printing of micr cheque books, as per the quantity mentioned in annexure i these cheques are to be printed. Jan 15, 2014 non cts compliant cheques cheques not compliant to the cheque truncation systemcts 2010 standards will be cleared thrice a week only, until 30 april, 2014. It is now mandatory for banks to strictly issue standardized and enhanced new format of cheques called cts2010. Go to your bank branch and request for a new cheque book or order one. Important message cts 2010 regulation applicable to cts. 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. We are arranging to send these new series cheque books to our valued customers at their last. 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. These cheques have cts 2010 printed near the left margin. Axis bank has started issuance of cts 2010 cheque book post august 2011. In case you hold cheque books prior to august 2011. Those who have not yet got the ctscompliant cheques can apply for it through normal. Cheque truncation system new benchmark for cheques in banks.
Noncts compliant cheques, drafts still in circulation. Banks, customers go slow in adopting new cheque book the hindu. The number 2010 in cts2010 is because the guidelines for cts came up in the year 2010. It might happen that your cheques start bouncing and do not get accepted from jan 1, 20. Sbi to send new cheque books by dec 15, update your address. To change the cheque dimensions, you can click and drag the borders of the cheque. So, the validity of non cts cheques is again extended, this time upto 30th april. Features of cts2010 standard chequects cheque truncation system 6222014 01. 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.
Features of cts2010 standard chequects cheque truncation. Get ready to order new india cheque books times of. 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. What does cts 2010 noncompliant cheque mean in icici. Cts2010 standard cheques free book on indian stock market.
Payable at par cts 2010 standard cheque books no cheque books no cheque book issued to junior sb accounts however issue of cheque books to other type of operative account, will be done after considering factors like previous transactions, cheque return and unused cheques available in the account etc. On 17 july 20 the rbi extended the deadline to 31 december 20. Cts best practice guidelines cts best practice guidelines. Sep 14, 2015 the number 2010 in cts2010 is because the guidelines for cts came up in the year 2010. You must obtain a cts2010 compliant cheque book on or before 31st march 20. 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.
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