Please sign above is mentioned on bottom right of the cheque. On receipt of clear credit in the books of the bank, the customer. Cheque truncation system cts is a cheque clearing system undertaken by reserve bank of india rbi that aims at reducing the time involved in cheque clearing to one day. Banks have stopped accepting non ctc 2010 cheques after dec 31, 20. How to identify my cheque book cts2010 standard compliant or. Rbi extends deadline for cts 2010 cheques indian express. 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. Cheques not complying with cts 2010 standards will be cleared at less frequent intervals i. Also all the current circulated cheques will be replaced within 31st march, 20. Everything you need to know about cts 2010 cheques banking basics hdfc bank. Standardisation and enhancement of security features in cheque forms, the introduction and implementation of additional security features on cheque forms will commence from 1. 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. It is a cheque clearing system undertaken by the reserve bank of india rbi for faster clearing of cheques.
At present, when you issue a cheque to someone, he has deposit the cheque in his bank to get credit. Watermark cts india to be visible cheque is held against any light. I had to give the first page of my old cheque book and they took my. Cheque truncation system cts cheque printing software. The above arrangements will be applicable for all customer cheque. This means that there will be no physical movement of the cheque but rather an. Banks have now been asked to ensure all cheques are compliant with cts 2010 standards by april 1, 20. Instead of this an electronic image of the cheque is transferred with vital essential data. The cheque truncation system cts is basically an online imagebased clearing system ics. Jul 16, 20 standardization and enhancement of security features in cheque formsmigrating to cts 2010 standards please refer to the instructions contained in our circular no. 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.
Sep 03, 20 cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. Banks such as idbi bank ltd have already been issuing cts2010. If these features are present in your cheque book, it is a cts compliant one. Idbi bank, 16c, omni palace, ratlam kothi, indore, 001, 001102000035325. Under the cts system, the physical movement of cheques between banks will be elminated. Dec 23, 2012 it is now mandatory for banks to strictly issue standardized and enhanced new format of cheques called cts 2010. So, better not to waste much time and get your new cheque books soon from your bank. Mar 20, 20 non cts 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, will be banned from now wherever electronic. Rbi has declared that the existing cheque clearing system will continue till year end. We would like to inform you that we have been issuing cts 2010 compliant cheque books since april 2011. Good news for those having non cts cheques left for clearing. 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. Cheque truncation system cts explained bankexamstoday. Master circular on collection of cheques idbi bank.
So it is necessary for all to understand how your new cheque format looks like. 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. As per rbi guidelines, non cts 2010 standard compliant cheques will be cleared through separate clearing session with effect from january 2014 which will cause delay in realisation of non cts 2010 cheques. Standardization and enhancement of security features in. Cts2010 cheques have certain common security features and standardised field placements for enabling image based processing of. As the term proposes, truncation is the course of discontinuing the flow of the physical cheque in its way of clearing. Cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. If a cheque sent for collection for which immediate credit was provided by the bank is returned unpaid, the value of the cheque will be immediately debited to the account, apart from recovering the applicable charges, and interest thereof. Get your new chequebook, now patna news times of india.
Bank has adopted cts2010 standard in all cheques as per specification. Reserve bank of india procedural guideline for cheque. Also already circulated cheques will be replaced within 31st december 2012. First and foremost, many thanks goes to axis bank, india for providing helpful information. If the above letters are present, your cheque book is cts2010 compliant 5. 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. Following are the features of new cts 2010 compliant cheques. The move to replace cheques with instruments that meet the new cheque cts 2010 standard comes with benefits for banks and customers alike. Jan 01, 20 cts cheque 2010 is a image based cheque clearing system undertaken by public banks of many countries for faster clearing of cheques based on electronic data. Cheque printer details along with cts2010 mentioned on the extreme left hand side, near the side where you detach a cheque leaf. Jan 12, 20 8 boxes to write the date in ddmmyyy format. If your cheques are not cts 2010 complaint, there can realisation delays, as they will be cleared at less frequent intervals.
In case your cheque is not cts2010 compliant, you can request for a new cheque book by logging in to citibank online. Features of cts2010 standard chequects cheque truncation. April 14, 2015 dear all welcome to the refurbished site of the reserve bank of india. Noncts2010 cheques chequea truncation system will continue to be cleared even after the deadline of july 31, 20. Idbi bank is one of the biggest and most trusted banks which is operating in india. Therefore, we recommend you to destroy your old non cts 2010 standard cheque book and place a request for a new cheque book. Idbi bank offers a wide range of products from savings and current bank account to loans for retail and msme customers or agri loans to farmers.
Please sign abovea is written on the cheque at the bottom right side. Cts 2010 compliant cheques latest breaking news, pictures, videos, and special reports from the economic times. Branch address with ifsc code printed top of the cheque. Check your current cheque book is it valid new cts. If you are still in use of nonctc cheque books, then it is in your own interest to get those replaced with cts 2010 standard cheque books latest by december 31.
Only cts 2010 standard cheque books are to be used after. Rbi new cheque cts 2010 guide line standardization and enhancement of security features in cheque formsmigrating to cts 2010 standards a. Please send new electronic cts2010 cheque only as per reserve banks. There is a new symbol of rupees inserted near the numerical amount column. At the corner of the cheque you will find the cts2010 printed. All cheques issued by banks including dds pos issued by banks with effect from the date of this circular shall necessarily conform to cts 2010 standard. Cheque truncation system cts 2010 standards bankbazaar. 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, logos, watermarks. Apr 29, 2014 non cts cheques may face further clearance delay from may 1. In this system of clearing, the collecting bank need not present the physical cheque to the drawee branch. Everything you need to know about cts 2010 cheques banking. Rbi guidelines on standardization of security features for cheque leaves, referred to as cts2010 are aimed at enhancing customer safety and facilitating easier. Noncts cheques may face further clearance delay from may 1.
A pantograph which shows voidcopy while taking photocopy of the cheque below the account number. 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. Please look for the letters cts2010 printed perpendicularly on the cheque leaf near the perforation on the left side as shown in the image. Indias largest lender the state bank of india sbi will implement the cheque truncation system cts 2010, the new standard of cheques as mandated by. Nov 19, 2014 all banks providing cheque facility to their customers have been advised to issue only cts 2010 standard cheques. From november 1, 2014 onwards, the clearing session will. Then this cheque moves physcially from his bank to your bank which involves a lot of time and risk. How is cts 2010 will be different from earlier system of cheque clearance. Sep 03, 2012 it is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts 2010. Cts brings elegance to the entire activity of cheque processing and clearing. Words cts 2010 printed on the left hand side of the cheque leaf near perforation. There are many people out there who own a bank account with idbi bank and are also quite happy with the banking services offered by the bank.
Replace with your valid customer id and with your sms banking pin, with number of leaves required in new cheque book example 30, with either p for personal or m for mail mode of delivery. This system is followed for clearing cheques in an errorfree, fast and hasslefree manner. Noncts cheques valid till 31 july rbi india infoline. And you must do it latest by december 31, 2018, if you dont want your cheques to. Aug 31, 2015 a sample video that demonstrate live cts cheque scanning in branch. Just check, whether your existing cheque book is ctscompliant or you need to get a new ctscomplaint cheque book issued before 31st december 2012. Thus, it is considered as the major landmark in the indian banking industry. One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise. Dec 15, 2012 taking into consideration representations, it has been decided to extend the time up to march 31, 20, for banks to ensure withdrawal of non cts 2010 standard cheques and replace them with cts 2010 standard cheques, the rbi said in a notification.
Cheque printing software indian banks cts 2010 functional. Existing cheque clearing arrangement will continue till year end. To help you identify whether the cheque book you currently hold is cts compliant or not, you can look for the following features. The reserve bank of india rbi has extended the deadline for implementing the cheque truncation system2010 cts 2010 by another three months. Features of new cts 2010 compliant cheque chequeman blog. Jul 29, 2014 understanding cheque truncation system cts 1.
In this article we shall explain about how the cheques were getting cleared before january 1 2014, new cts 2010 clearing process, new ctc 2010 compliant cheques, old cheques. If you have ordered your cheque books recently, say, a month ago, you may already have the new cheque leaves with you. Printers name with cts 2010 in left side of cheque. Those who have not yet got the ctscompliant cheques can apply for. So, better hurry up if you havent got your old cheque books replaced with cts 2010 standard cheque books. The presenting bank captures the cheque images and magnetic ink charecter recognition micr data from end to end precise scanners by using the capture. Cheque truncation system, abbreviated as cts, is nothing but an electronic verification procedure using imagebased processing. Punjab national bank this eliminates the cost of movement of physical cheques and reduces the time for clearance for better delivery of services to customers. Instead an electronic image of the cheque will be sent along with the relevant key information. Cheque truncation system cts is a cheque clearing system undertaken by the reserve bank of india rbi for quicker cheque clearance.