According to new CTS (Cheque Truncation System) you must use new Cheque books from first January, 2013; and for this reason your old checks won’t be accepted by banks. This is a new CTS 2010 system. However, there is good news for all of us; our old checkbooks still work until March 2013. So from the first April you must need new checks. This news is very useful if you make payments using checks.
Read new guidelines for CTS 2010 in PDF:
http://rbidocs.rbi.org.in/rdocs/content/PDFs/SCFR220210.pdf
I haven’t received my new checkbook. SBI is delivering new checkbooks at your doorstep but in other banks you need to apply for it. In the New Year you need new checkbook.
Until now; if your check is not from the same bank it takes 3 days to get clear but with new rules all the checks are multicity and will be going to clearing process on the same day, because new checks are scanned and converted in to digital image for clearing instead of sending them to their respected bank branches. This process will save time and money and check will be cleared on the same day or the next day. This will also help prevent frauds and cases of missing checks.
You need to be more careful while filling the new check otherwise your check will fail in clearing process. Your signature will be verified by computer system and this system is more precise.
In our place still not new type of cheque book is not available. But i am eager to use this new type of cheque book
Is there any new about it?
In our place still not new type of cheque book is not available. But i am eager to use this new type of cheque book
The most frustrating thing is wrong info provided by bank officials. I had experience with 2 banks – ICICI and SBI.
ICICI bank branch official told me that bank is automatically sending new cheque books so I should wait. When I called up customer care during last week of December, they told me that unless I place a request, they will not send. So, I placed a request and they sent a CTS chequebook.
SBI also gave a similar response – no need to apply as bank is automatically sending. When I didn’t receive new chequebook by 31-December, I visited branch. The customer service person had changed in between and the new one had new theory (unless you apply, we won’t send). Once I applied, the bank manager informed me that there was no need to apply and I would be charged for new chequebook.
So, my suggestion is to first confirm from atleast 2-3 sources – bank manager, customer service over phone / email – and then act.
The most frustrating thing is wrong info provided by bank officials. I had experience with 2 banks – ICICI and SBI.
Thanks for valuable information, shall we surrender old cheque book to the bank?
The most frustrating thing is wrong info provided by bank officials.Thanks for valuable information, shall we surrender old cheque book to the bank?