Check your current cheque book is it valid new cts. If you received your cheque book before august 2011, you are requested to order a. Cts2010 compliant cheque will have the printer details along with the text cts2010 printed on the extreme left hand of the cheque leaf. Cts is based on a cheque truncation or online image based cheque clearing system where cheque images and magnetic ink character recognition micr data are captured at the collecting bank branch and transmitted. Everything you need to know about cts 2010 cheques banking.
Standard cheque books before 31st dec 2012 from 1st jan 20 banks will accept only cts 2010 standard cheques. Cts 2010 standard cheques will be cleared on all working days. The branch address and ifsc code should be on the top left side of the cheque 2. Noncts cheque book will not be get cleared after sep20. Cheque truncation system cts cheque printing software. Worth mentioning here is that most banks have already stopped clearing non cts cheques since january 1, 2019. Cheque books compliant with cheque truncation system cts2010 standards as per reserve bank of india rbi guidelines, cheque books being issued by banks need to be compliant with cheque truncation system cts2010 standards. This standardization also helps the cts system in easier image processing. Rbi extends cheque upgradation deadline till march next year. Cheque truncation system cts or imagebased clearing system ics, in india.
Indian bank charges rupees thirty for one cts2010 cheque book, from customers. Rather, an electronic image of the cheque will be sent along with relevant information. 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. Nov 17, 2017 in the cts system, only the scanned image of the cheque will travel online.
It has issued a public notice saying that starting january 1, 20, bank will not accept cheques that do not conform to the new standards. Only cheque books issued after aug 2011 are cts 2010 compliant. All the cts2010 cheque should be clean, image friendly and over writing is not accepted because the cheque will be cleared through image based clearing system. So, better not to waste much time and get your new cheque books soon from your bank. Banks, customers go slow in adopting new cheque book the hindu. If the letters cts 2010 are present here, your cheque book is cts 2010 standard compliant. You need to apply in your bank for the same and it is available free of cost. New cts cheque contains information of printer where they are printed along the words cts2010 mentioned along the area where we tear off the leaf from the cheque book.
Cheque truncation system is an online image based cheque clearing system which involves scanning of cheque images and subsequent electronic movement replication of these images within the system for processing and clearing of cheques. When a customer deposits a cts2010complied cheque, the bank can simply send the cheques image to the drawee. How to identify my cheque book cts2010 standard compliant or. Dec 19, 2018 if you are still in possession 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. In cheque truncation, the movement of the physical instrument is stopped and replaced by electronic images and associated micr line of the cheque. Also already circulated cheques will be replaced within 31st december 2012. If the cheque book is not with cts 2010 cheque leafs, they are referred to as non cts cheque books. New format cheques from jan 1 the hindu businessline. As per rbi guidelines, non cts 2010 standard cheques will be withdrawn from circulation by 31december20. Only cts 2010 standard cheque books are to be used after 31. So it is necessary for all to understand how your new cheque format looks like. One can find this symbol where we write amount in figures. Sep 03, 2012 it is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts 2010. Cheque book issued till 04 november 2012 is non cts compliant is my cheque cts compliant.
Sbi is issuing new cheque books which conform to the standards of cts 2010 cheque truncation system to all its customers. Words cts 2010 printed on the left hand side of the cheque leaf near perforation. 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. Now rbi has extended the date to march 31st 20 to exchange your old cheque books with new cts 2010 cheque books.
Enhancement of security features in cheque forms migrating to cts 2010 standards as covered in annex xa and other circulars from time to time. Cts is basically an online image based cheque clearing system where cheque images are captured at the collecting bank branch and transmitted electronically. It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts 2010. 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. Cheque truncation system new benchmark for cheques in banks. All new cheques complying with the cts2010 standard are set to come with. Rbi guidelines on cheque books compliant with cheque. 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. According to banking experts, cts 2010 cheques have certain common security features and standardised field placements for enabling image based processing of cheques through optical image character recognition technology, which are absent in non cts cheques. Rbi guidelines on standardization of security features for cheque leaves, referred to as cts2010 are aimed at enhancing customer safety and facilitating easier. Icici bank has also requested the customers to surrender their old cheque books at the branches and request for new cts 2010 standard cheque books, an icici bank spokesperson said. Cheque books not containing cts2010 cheque leafs are called noncts. How to identify my cheque book cts2010 standard compliant.
In the year 2010, rbi came up with the guidelines for cheque truncation system. We would like to inform you that we have been issuing cts 2010 compliant cheque books since april 2011. The physical instrument will be truncated at some point enroute to the drawee branch and an electronic image of the cheque would be sent to the drawee branch along with the relevant information like the micr fields, date of presentation. Cheque books compliant with cheque truncation system cts. Rbi has been taking steps to make cheque transactions smoother and faster. It is not applicable to cheques cleared under other clearing arrangements for the present. Only cts 2010 standard cheque books are to be used after. Cheque books not containing cts2010 cheque leafs are called noncts cheque books.
Cts 2010 standard cheques will have letters cts 2010 printed vertically on the cheque leaf near the perforation on the left side as shown in the image below. Further, the new cheque standard cts2010 prescribes certain mandatory and optional security features to be available on cheques, which will also add to the uniqueness of the images. 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. The move to replace cheques with instruments that meet the new cheque cts 2010 standard comes with benefits for banks and customers alike. Can you please mail me a scanned copy of the latest cheque leaf that is compliant with cts 2010. If you have any old cheque books or leaves, get it exchanged with new cts 2010. The number 2010 in cts 2010 is because the guidelines for cts came up in the year 2010.
Cts 2010 compliant cheques latest breaking news, pictures, videos, and special reports from the economic times. Nov, 2012 if you have any old cheque books or leaves, get it exchanged with new cts2010. Non cts cheques may face further clearance delay from may 1. As per the negotiable instruments act, every cheque is required to be presented to the drawee paying bank for payment. Cheque truncation system change looks good goodmoneying. If you received your cheque book before august 2011, you are requested to order a new one. Therefore, we recommend you to replace your non cts 2010 cheque book with a new cheque book at the earliest. When a cheque is not crossed, it is known as an open cheque or an uncrossed cheque. Though banks logo in uv ink is a strong deterrent for forgery and duplicate cheques, there are challenges in terms of increased image size, stabilisation of uv technology in cts environment, availability of uvenabled scanners. Important message cts 2010 regulation applicable to. I had to give the first page of my old cheque book and they took my request. 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. Banks, customers go slow in adopting new cheque book the. However some of the features of cts cheques are cheque printer details.
Coming back to cts 2010, i took the time off to get hold of the new cheque books from all my banks and thought that that was all there was to the imminent cutover to cts 2010. If yes, then you have to ask your bank to issue a cts 2010 cheque book soon. Sep 14, 2015 the number 2010 in cts2010 is because the guidelines for cts came up in the year 2010. The introduction of new cheque standards cts 2010 was warranted on account of several developments in the cheque clearing viz.
Procedural guidelines for cheque truncation system cts. For the uninitiated, cts transforms cheque clearing from a paperintensive to a digital process whereby only images of cheques move between the. Cheque book issued prior to december 2010 is non cts compliant savings treasure accounts. Cts, an online image based clearing system for faster clearing of cheques in india. 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. A cts2010 cheque will not have to go through the process of physical clearance. Non cts cheque book will not be get cleared after sep20. However, banks may continue to follow their existing policy regarding cheque book issuance for additional issuance of cheques, in adherence to their accepted fair practices code. Cheque truncation system basically helps in faster clearance of the cheques in the banking records. Cheque truncation implies stopping the physical flow of cheque. This exercise will continue in the coming months through emails and messages on the call centre ivr interactive voice response. Sep 03, 20 cheque truncation system cts, an online image based clearing system for faster clearing of cheques in india. This prohibition is applicable to cheques cleared under the image based cheque truncation system cts only and is effective from december 1, 2010. If these features are present in your cheque book, it is a cts compliant one.
Many banks have still not asked their customers to surrender the non cts 2010 cheque books to reflect the change, a. The time taken in clearance is less and the process is even costeffective. Nov 23, 2012 the new cheque standard cts 2010 provides a set of minimum security features which would ensure uniformity across all cheque forms issued by banks in the country and also help presenting banks while scrutinising recognizing cheques of drawee banks in an image based processing scenario. This would help banks in identifying and controlling fraudulent alterations. Standard cheque books before 31st dec 2012 from 1st jan 20 banks will accept only cts2010 standard cheques. To help you identify whether the cheque book you currently hold is cts compliant or not, you can look for the following features. Instead of manually transferring cheque from one branch to other branch, under cts the image captured of cheque along with micr. Of late you must have noticed advertisements in newspapers put up by banks urging account holders to stop circulating non cts compliant cheques and replace their old cheque books with new cts. Know about deadline, process, benefits of issuing cts cheque book 2010 with sample cheque. The new cts standard enables banks to convey the cheque as an image to the clearing house rather than in its physical form. So if you are still holding a non cts cheque book, then you should ask your bank to issue a fresh cheque book. Earlier, cheques deposited by customers used to be presented by the collecting bank to the paying bank over the counter of t. Bank customers do not need to discard their noncts 2010 standard cheque books in a hurry to. This, in addition to huge savings on logistics expenses and travelling time, will also help banks rationalise human.
Rbi extends cheque upgradation deadline till march next year 14 dec, 2012, 01. Cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. If your cheque book is issued prior to august 2011, you are requested to indent for a new cheque book to avoid any inconvenience. As per rbi guidelines, non cts 2010 standard compliant cheques will be accepted for clearing up to july 31, 20. Cts is based on a cheque truncation or online image based cheque clearing system where cheque images and magnetic ink character recognition micr data are captured at. All the cts 2010 cheque should be clean, image friendly and over writing is not accepted because the cheque will be cleared through image based clearing system. Cheque truncation system cts or image based clearing system ics, in india, is a project of the reserve bank of india rbi, commenced in 2010, for faster clearing of cheques. Cheque books not containing cts 2010 cheque leafs are called non cts cheque books. First and foremost, many thanks goes to axis bank, india for providing helpful information.
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. 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. All the banks are now required to issue cts 2010 cheques only. Nov 11, 2012 most banks are now issuing cts cheque truncation system 2010 cheque books only and are collecting unused cheque leaves of the noncts 2010 cheque books. Cheque issuing banks shall make all efforts to withdraw the noncts2010 standard cheques in circulation before the extended timeline of 31 july 20 by creating awareness among customers through sms alerts, letters, display boards in branchesatms, logon message in internet banking, notification on the website etc, rbi said. Banks shall not charge their savings bank account customers for issuance of cts 2010 standard cheques when they are issued for the first time. Cheque truncation system reduces the scope for clearingrelated frauds. If you have ordered your cheque books recently, say, a month ago, you may already have the new cheque leaves with you.
As of now the banks in india are using different formats for their cheque leaves mainly for branding, identification, security features etc. Everything you need to know about cts 2010 cheques. All chequebooks issued by the bank after aug 2011 are cts 2010 compliant. According to banking experts, cts 2010 cheques have certain common security features and sta. Noncts cheques may face further clearance delay from may. Now rbi has extended the date to march 31st 20 to exchange your old cheque books with new cts2010 cheque books. According to banking experts, cts2010 cheques have certain common security features and standardised field placements for enabling image based processing of cheques through optical image character recognition technology, which are absent in noncts cheques. When a customer deposits a cts2010complied cheque, the bank can. Cts2010 cheques have certain common security features and standardised field placements for enabling image based processing of cheques through optical image character recognition technology, which are absent in noncts cheques. Imaging of cheques can be based on various technology options. These cheques may be cashed at any bank and the payment of these. Oct 03, 2018 as per the negotiable instruments act, every cheque is required to be presented to the drawee paying bank for payment.
The word cts2010 must be printed on the left hand side of the cheque near perforation. The reserve bank of india on thursday said that cts, will be made operational pan india by september 2020. My cheque book is not cts2010 compliant, what to do. Nov 29, 2012 cheque truncation system cts or image based clearing system ics, in india, is a project undertaken by the reserve bank of india rbi, for faster clearing of cheques. The clearing timings of noncts session are covered in annex xb 1. Bank customers do not need to discard their non cts 2010 standard cheque books in a hurry to get their multicity cts 2010 standard cheque leafs. If you are still in possession 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.
3 1631 200 1472 1101 355 574 664 702 1003 98 147 1611 210 1171 379 7 893 32 752 1251 1157 512 1423 872 551 1373 922 1004 41 926 529 286 451 167 500 541 384 655 1445 1139