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