Is non CTS Cheque still valid?

Is non CTS Cheque still valid?

Most banks have already stopped clearing non- CTS cheques since January 1, 2019. if you are still holding a non- CTS cheque book, it is better you get it replaced from your banker. If the cheque book is not with CTS-2010 cheque leafs, they are referred to as non-CTS cheque books.

Are old cheques still valid in India?

Hence, old cheque books are being phased out with new ones w.e.f. 01.01. 2021. Please contact your Base branch for replacement of old cheque book with new cheque book well before the said date. If you have already issued cheques from old cheque books, please get it replaced with new cheque immediately.

What type of cheques Cannot be presented in CTS clearing?

The benchmark prescriptions are collectively known as “CTS-2010 standard”. All banks providing cheque facility to their customers have been advised to issue only ‘CTS-2010’ standard cheques. Cheques not complying with CTS-2010 standards will not be cleared through CTS clearing (updated as on June 30, 2020).

How do I clear a non-CTS cheque?

Worth mentioning here is that most banks have already stopped clearing non-CTS cheques since January 1, 2019. So if you are still holding a non-CTS cheque book, then you should ask your bank to issue a fresh cheque book. All the banks are now required to issue CTS-2010 cheques only.

Do you have to put only on a cheque?

It is important to write ‘only’ after the amount. This, too, is a way to prevent fraud. In the example above, if ‘only’ is not written after one thousand and one hundred, someone could add ‘ninety nine’ and the amount becomes Rs1,199.

What is the validity period of a cheque?

3 months
As per RBI guidelines, with effect from April 1, 2012, the validity period of Cheques, Demand Drafts, Pay Orders and Banker’s Cheques will be reduced from 6 months to 3 months, from the date of issue of the instrument.

What is CTS clearing process?

Cheque Truncation System (CTS) is a process of clearing cheques electronically rather than processing the physical cheque by the presenting bank en-route to the paying bank branch. It is a step undertaken by the Reserve Bank of India (RBI) for quicker cheque clearance.

Which bank clear cheques the fastest?

the Reserve Bank of India
Cheque Truncation System or Image-based Clearing System, in India, is a project of the Reserve Bank of India, for faster clearing of cheques. The Reserve Bank of India first implemented CTS in New Delhi from 1 February 2008 with ten pilot banks.

What should I do with my old checkbook?

The most straightforward method for safely destroying your old checks is to shred them. If you only have a limited number of them, you can simply use scissors to cut them up. For added security, cut lengthwise through your name and account number and dispose of the halves in different bags and on different days.