Words cts2010 printed on the left hand side of the cheque leaf near perforation. Of late you must have noticed advertisements in newspapers put up by banks urging account holders to stop circulating noncts compliant cheques and replace their old cheque books with new cts. As per guidelines, non cts2010 cheques issued by bank in india will be. Ensure you use a cts 2010compliant cheque, and know the types of. Cheque truncation system cts or imagebased clearing system ics, in india, is a project. How to identify my cheque book cts2010 standard compliant or not. Get your noncts cheque book replaced immediately, it said.
Your cheque book may be invalid from jan 1, 20 rediff. How to identify my cheque book cts2010 standard compliant. 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. Noncts compliant cheques shall not be processed for clearing with effect from january 1, 2019, pnb said in a notification. 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. Though the reserve bank of india deadline for issuing new cheques. You may be using a physical cheque book, but at the backend, banks. The branch address and ifsc code should be on the top left side of the cheque 2. Still using nonctc compliant cheques for making payments and havent got your old cheque books replaced with the cts2010 standard cheque books. Still using nonctc compliant cheques for making payments and havent got your old cheque books replaced with the cts2010 standard. Just check, whether your existing cheque book is cts compliant or you need to get a new ctscomplaint 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. This is what you should do an old rbi rule will come into force after january 1st, 2019 and you should be prepared. What cts is under the cts system, the physical movement of cheques between banks will.
Cheque truncation means stopping the flow of the physical cheques issued by a drawer to the drawee branch. Cheque book issued till 04 november 2012 is noncts compliant is my cheque cts compliant. All cheques carry a standardized watermark, with the words ctsindia which can be seen when held against any. Tips to replace non cts2010 compliant cheques the economic. Everything you need to know about cts 2010 cheques banking basics hdfc bank. Everything you need to know about cts 2010 cheques. Three things to know if you still use cheques livemint. The rbi has issued standards for the cts2010 cheque book, which can be accessed at ecs debit. You can continue to use the same and there is no further action required. Non cheque truncation system cheques valid until july 19 mar, 20, 05. Cts 2010 compliant cheques latest breaking news, pictures, videos, and special reports from the economic times.
Cheque book issued prior to december 2010 is noncts compliant savings treasure accounts. 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. Check your current cheque book is it valid new cts. Your old cheque leaves may not be valid after march 31, 20, as the rbi has instructed all banks to implement the cheque truncation system. Your cheques can be permanently banned after january 1, 2019. If these features are present in your cheque book, it is a cts compliant one.
As per rbi guidelines, noncts2010 standard compliant cheques will be accepted for clearing up to july 31, 20. This calls for your immediate action to make sure that your cheque book is cts compliant. The cheque truncation system cts is a process of stopping flow of physical. Incase the cheque book you currently have is not cts2010 compliant as per the. 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. A bounced cheque can hit your credit score and the issuer. Watch the demo video to know why the new cts system speeds up cheque. Banks, customers go slow in adopting new cheque book the hindu. Everything you need to know about cts 2010 cheques banking. Several banks that promised to send ctscompliant cheque books to. 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.
Noncts cheques valid till 31 july rbi india infoline. What cts is under the cts system, the physical movement of cheques between banks will be eliminated. If you sufficient funds in your accountand your cheque is cts 2010 compliant. With no prior experience, kyle dennis decided to invest in stocks. No clearance of noncts compliant cheques from january. Ensure you use a cts 2010 compliant cheque, and know the types of cheques for different purposes and the consequences of bounced cheques. Cheque issuing banks shall make all efforts to withdraw the noncts2010 standard cheques in circulation before the extended timeline of 31 july. 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 you have ordered your cheque books recently, say, a month ago, you may already have the new cheque leaves with you.
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