Only cheque books issued after aug 2011 are cts 2010 compliant. Icici, etc have been issuing such cts 2010 compliant cheque books since 2010. Under the banking tab, click on the link other banking services request cheque. Banks have been asked to ensure all cheques are compliant with cts2010 standards by april 1, 20. Branch address with ifsc code printed top of the cheque. In case you hold cheque books prior to august 2011, request you to immediately replace them with cts 2010 compliant cheque books. All chequebooks issued by the bank after aug 2011 are cts 2010 compliant. Therefore, we recommend you to place a request for a new cheque book. Cts 2010 compliant cheque means, the cheque adheres to the cheque truncation system which started in 2010 in india, as per the guidelines of rbi. Ensure you use a cts 2010 compliant cheque, and know the types of cheques for different purposes and the consequences of bounced cheques. As per the negotiable instruments act, every cheque is required to be presented to the drawee paying bank for payment. Everything you need to know about cts 2010 cheques. However some of the features of cts cheques are cheque printer details. Cheque book issued prior to december 2010 is non cts compliant savings treasure accounts.
Chequebook definition is chiefly british spelling of checkbook. Cheque truncation system cts or imagebased clearing system ics, in india, is a project undertaken by the. If you have ordered your cheque books recently, say, a month ago, you may already have the new cheque leaves with you. Note that all new cheque books issued by indian banks compulsorily have to be cts 2010 compliant, so if you issued a new chequebook recently, it should be compliant. Identify whether your existing bank accounts cheque books are cts 2010 compliant request for a new cheque book, if required also, please note that rbi has advised all banks holding postdated emi cheques to arrange for replacement of non cts 2010 standard cheques with cts 2010 standard cheques. The number of cheque leaves in the multi city payable at par cts 2010 standard cheque books will be as under. According to banking experts, cts2010 cheques have certain common security features and standardised field placements for enabling image based processing of cheques through optical.
The advent of cts2010 compliant cheques will make the existing cheques invalid from 31 july 20. A copy of cheque, cts2010 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. Following are the features of new cts 2010 compliant cheques. If these features are present in your cheque book, it is a cts compliant one. If you received your cheque book before august 2011, you are requested to order a. It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts2010. We are glad to inform that axis bank has started issuance of cts 2010 cheque book post august 2011. Rbi extends deadline for withdrawing noncts 2010 cheques. What does cts 2010 noncompliant cheque mean in icici. Based on the 31 march deadlines, many vendors like ebay have already put up notices to only accept cts 2010 cheques, so get your new cheques before they start to bounce. Cts2010 is a benchmark for standardisation of cheques issued by banks across the country. 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. 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.
There is a new symbol of rupees inserted near the numerical amount column. Every account holder must deposit their non cts cheques and cheque books in their respective branch and get new cheque leaves or books as per the new cts 2010 standard. Rbi has decided to launch this system and all banks across india are required to follow rbi guidelines in this regard. Just check, whether your existing cheque book is ctscompliant or you need to get a new ctscomplaint cheque book issued before 31st december 2012. Features of new cts 2010 compliant cheque chequeman blog. Noncts compliant cheques, drafts still in circulation. According to banking experts, cts2010 cheques have certain common security features and standardised field. How to identify my cheque book cts2010 standard compliant. Cts 2010 standard cheques will be cleared on all working days. Cheque book issued till 04 november 2012 is noncts compliant is my cheque cts compliant.
Private bankers such as icici bank and hdfc bank had started issuing cts 2010 compliant cheque books since last year as also public bankers such as the state bank of india, allahabad bank and united bank of india. Words cts 2010 printed on the left hand side of the cheque leaf near perforation. Cheque book issued prior to december 2010 is noncts compliant savings treasure accounts. 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 scrutinisingrecognising cheques of drawee banks in an imagebased processing scenario. Enquiries reveal that issue of non cts cheque truncation system compliant demand drafts by banks pose a lot of hardship, especially delay in encashment of the instrument. Cheque truncation system new benchmark for cheques in banks. Since rbi is now moving towards accepting only cts 2010 standards compliant cheques, please note that the old non cts 2010 compliant cheques should not be used post 31st december, 2012. Words cts2010 printed on the left hand side of the cheque leaf near perforation. Cts 2010 the banks would need to upgrade a few things to comply with cts 2010. Cheque books compliant with cheque truncation system. One can find this symbol where we write amount in figures. If you received your cheque book before august 2011, you are requested to order a new one. All the 14 lcpcs are printing and issuing mccs in respect of branches linked to them. Words cts2010 printed on the left hand side of the cheque leaf near perforation all cheques carry a standardized watermark, with the words ctsindia which can be seen when held against any ligh source.
Cheque books not containing cts2010 cheque leafs are called noncts cheque books. Security features of cheque rbi notice created date. The customers who have deposited noncts cheques as postdated cheques pdcs for emis to a finance company, or bank for repayment of a loan, will have to replace these with the compliant ones for instalments after 31 july. Chequebook definition of chequebook by merriamwebster.
Rbi had asked banks to replace non cts 2010 compliant cheque books, but most banks are understood to be going slow. These cheques have cts 2010 printed near the left margin. From april 20, all banks have to ensure the withdrawal of non cts 2010 standard cheques. Strengthening the infrastructure at the cheque handling service branches and bestowing special attention on the quality of equipment and personnel posted for cts based clearing, so that it is not merely a mechanical process. As per rbi guidelines, now all banks have to issue cheques conforming to the cts 2010 standards with uniform features. Jaideepi dont have any idea about neither of new date what you mentioned nor the issuing of cts 2010 cheques since 2010. As per rbi guidelines, non cts 2010 standard cheques will be withdrawn from circulation by 31december20. Please note, from 1st may 2014 to 31st october 2014, non cts cheques clearance will be limited to twice a week mondays and fridays. A bounced cheque can hit your credit score and the issuer. Cheque book issued till 04 november 2012 is non cts compliant is my cheque cts compliant. Earlier, cheques deposited by customers used to be presented by the collecting bank to the paying bank over the counter of t.
The cts2010 eliminates the current practice of physically presenting a cheque to the payee bank, thereby substantially reducing the time for cheque clearance. Reserve bank of india has issued guidelines on standardisation and enhancement of security features for cheque leaves referred to as cts2010. The homogeneity in security features is expected to act as a deterrent against cheque. How to identify my cheque book cts2010 standard compliant or not. Can you please mail me a scanned copy of the latest cheque leaf that is compliant with cts 2010. In case your cheque is not cts 2010 compliant, you can request for a new cheque book by logging in to citibank online. Cheque truncation system cts cheque printing software. If your cheque book is issued prior to august 2011, you are requested to indent for a new cheque book to avoid any inconvenience.
Check your current cheque book is it valid new cts. Cheque truncation system reduces the scope for clearingrelated frauds. Thus, it is considered as the major landmark in the indian banking industry. These features are aimed at enhancing customer safety and facilitating easier processing of cheques. 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. As per rbi guidelines, after march 31, 20, non cts 2010 standard compliant cheques will still be accepted for clearing but will be cleared at less frequent intervals.
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 the collecting bank branch and transmitted. Also already circulated cheques will be replaced within 31st december 2012. All cheques carry a standardized watermark, with the words ctsindia which can be seen. Post dated cheques issued by you and due after 31st march 20, needs to replace by cts 2010 compliant cheques. 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. Inspired me to do an article on how the cheques were getting cleared before january 1 20, new cts 2010 clearing process, new ctc 2010 compliant cheques, old and new cheques. Request through online banking phone banking numbers. The branch address and ifsc code should be on the top left side of the cheque 2. All cheques carry a standardised watermark, with the words ctsindia which can be seen when held against any light source.
More than 250,000 words that arent in our free dictionary. 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. If you have ordered your cheque books recently, say, a month ago, you may already have the new cheque. Printing of mccs is now fully in conformity with cts 2010 standards.
As per reserve bank of india rbi guidelines, cheque books issued by banks need to be compliant with the cheque truncation system cts 2010 standards. New cts cheque contains information of printer where they are printed along the words cts 2010 mentioned along the area where we tear off the leaf from the cheque book. Ensuring the use of 100% cts 2010 compliant cheques. 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. Identify whether your existing citibank account cheque book is cts 2010 compliant request for a new cheque book, if required also, please note that rbi has advised all banks holding postdated emi cheques to arrange for replacement of non cts 2010 standard cheques with cts 2010 standard cheques. Banks, customers go slow in adopting new cheque book the. 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 the collecting bank branch and transmitted electronically.