These cheques may be cashed at any bank and the payment of these cheques can be obtained at the counter of the. This article on cts cheque 2010 is for increasing public awareness and a special information for indian residents regarding cts cheque. Thus, it is considered as the major landmark in the indian banking industry. Cheque book issued prior to december 2010 is non cts compliant savings treasure accounts. Just check, whether your existing cheque book is ctscompliant or you need to get a new ctscomplaint cheque book issued before 31st december 2012. No non cts2010 cheques will be encashed after this date. For the past 6 months, rbi has been announcing several times saying noncts2010 compliant cheques would be valid up to specific period. Cts2010 standard cheques will have letters cts2010 printed vertically on the cheque leaf near the perforation on the left side as shown in the image below. This new cheque clearing system will be applicable from 1 st january,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.
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. Hence, the existing clearing arrangements will continue till december 31, 20. Incase the cheque book you currently have is not cts2010 compliant as per the above features we request you to immediately order a new cheque book. Cheque books issued, by the bank, on or after 1st january 2012 are cts 2010 standard compliant. Bank invites competitive rates for printing of micr cheque books, as per the quantity mentioned in annexure i these cheques are to be printed. Chequetruncation means stopping the flow of the physical cheque. Then this cheque moves physcially from his bank to your bank which involves a lot of time and risk. Though banks have started issuing new cts2010 based cheque books to customers, a large number of noncts2010 standard cheques are still being used. All the 14 lcpcs are printing and issuing mccs in respect of branches linked to them. The clearing timings of noncts session are covered in annex xb 1. How cts2010 cheque is different cts2010 mark up on the vertical side line as shown in above image. The presenting bank captures the cheque images and magnetic ink charecter recognition micr data from end to end precise scanners by using the capture.
Visit your nearest citibank atm and select option request a cheque book. Cheque truncation system cts is a cheque clearing system undertaken by the reserve bank of india rbi for quicker cheque clearance. Check your current cheque book is it valid new cts. What does cts 2010 noncompliant cheque mean in icici.
The cheque truncation system cts is basically an online imagebased clearing system ics. Standardization and enhancement of security features in cheque formsmigrating to cts 2010 standards please refer to the instructions contained in our circular no. Noncts2010 complaint cheques valid up to jul20how does this impact you. How is cts 2010 will be different from earlier system of cheque clearance. Features of cts2010 standard chequects cheque truncation system 6222014 01. However, most banks started issuing cts cheque books from midseptember. Rbi has also issued specifications under the cts2010 standard for cheque forms which lays down the minimum and mandatory features that cheques must have. Login to citibank online and under the banking tab, click on link other banking services request cheque book. Instead of this an electronic image of the cheque is transferred with vital essential data. Rbi has decided to separate clearing system of cts 2010 cheques and noncts from 1 january 2014. Noncts 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.
Following are the features of new cts 2010 compliant cheques. Many banks have still not asked their customers to surrender the noncts 2010 cheque books to reflect the change, a. Cheque book issued till 04 november 2012 is noncts compliant is my cheque cts compliant. Can you please mail me a scanned copy of the latest cheque leaf that is compliant with cts 2010.
This means for any change in the payees name, amount in figures or amount. Cheques are still the prominent mode of payment in the country. Please note that when you receive or issue a cheque, if. These cheques have cts 2010 printed near the left margin. Everything you need to know about cts 2010 cheques banking. Noncts cheques were meant to be discontinued from use throughout the country from 31 july 20. Cheque truncation system cts cheque printing software. All banks providing cheque facility to their customers have been advised to issue only cts2010 standard cheques. If the letters cts2010 are present here, your cheque book is cts2010 compliant. Does your software supports cts2010 cheque formats. For the uninitiated, cts transforms cheque clearing from a paperintensive.
The deadline for the withdrawal of noncts2010 standard cheques is july 31, 20 and banks have begun to issue fresh cheques in the cts2010 complaint format. 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. When a cheque is not crossed, it is known as an open cheque or an uncrossed cheque. The branch address and ifsc code should be on the top left side of the cheque 2. Cheque book issued prior to december 2010 is noncts compliant savings treasure accounts. Procedural guidelines for cheque truncation system cts. With this, the bank will not accept all noncts cheques that you issue from your existing cheque book and those will be out of circulation from december 31, 2012.
One can find this symbol where we write amount in figures. Void pantograph just below where the account number is mentioned. In the last step, the drawee bank, after going through the data and image thoroughly can accept the cheque and further proceed with making payment. You must obtain a cts2010 compliant cheque book on or before 31st march 20. Cheque book issued till 04 november 2012 is non cts compliant is my cheque cts compliant. So it is necessary for all to understand how your new cheque format looks like. Its all about cts 2010 new cheque truncation system. Cheque truncation system cts or imagebased clearing system ics, in india, is a project of the reserve bank of india rbi, commencing in 2010, for faster clearing of cheques. More people are using electronic means to send money and pay for goods and services. 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. 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. Also all the current circulated cheques will be replaced within 31st march, 20.
Banks logo and details on the left hand side corner. If you have ordered your cheque books recently, say, a month. View image above if your cheque is not of cts2010 standards then you need to apply for new cheque book of this standard and surrender the older cheques. First and foremost, many thanks goes to axis bank, india for providing helpful information.
Under the cts system, the physical movement of cheques between banks will be elminated. As the term proposes, truncation is the course of discontinuing the flow of the physical cheque in its way of clearing. In this system of clearing, the collecting bank need not present the physical cheque to the drawee branch. 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. You need to apply in your bank for the same and it is available free of cost. Therefore, we recommend you to place a request for a new cheque book. Instruments not complying with cts2010 standards will continue be accepted but will be cleared at less frequent intervals. The benchmark prescriptions are collectively known as cts2010 standard. Instead, an electronic image of the cheque will be sent to paying branch through the clearing house along with relevant information like data on the micr band.
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. Cheques not complying with cts2010 standards will be cleared at less frequent intervals i. At present, when you issue a cheque to someone, he has deposit the cheque in his bank to get credit. Noncts cheques may face further clearance delay from may. Cheque printer details along with cts2010 mentioned on the extreme left hand side, near the side where you detach a cheque leaf from the cheque book. Jan 12, 20 8 boxes to write the date in ddmmyyy format. There is a new symbol of rupees inserted near the numerical amount column. Also already circulated cheques will be replaced within 31st december 2012. Cheque truncation system 2010 or, cts2010, is a new standard with uniform cheques with additional safety features for faster clearances through digital sharing.
Cheque clearing or check clearing in american english or bank clearance is the process of moving cash or its equivalent from the bank on which a cheque is drawn to the bank in which it was deposited, usually accompanied by the movement of the cheque to the paying bank, either in the traditional physical paper form or digitally under a cheque truncation system. These specifications include various security features including standardized watermark, hidden void pantograph, uv inkprinted bank logo, holograms. A reproduction of the sample cheque available on rbis website. It is now mandatory for banks to strictly issue standardized and enhanced new format of cheques called cts2010. Cheque clearing in india cheques continue to play a dominant role in indias retail payment system. To change the cheque dimensions, you can click and drag the borders of the cheque. Cheque issuing banks shall make all efforts to withdraw the noncts2010 standard cheques in circulation before the extended timeline of july 31, 20 by creating awareness among customers through sms alerts, letters, display boards in branchesatms, logon message in internet banking, notification on the website etc. What is bearer cheque, order cheque, crossed cheque, open. Rbi guidelines on standardization of security features for cheque leaves, referred to as cts2010 are aimed at enhancing customer safety and facilitating easier. Printing of mccs is now fully in conformity with cts 2010 standards. Standardization and enhancement of security features in.
If your cheque book has been indented prior to 1st january 2012, you are requested to indent for new cheque book at the earliest to avoid any inconvenience. In case your cheque book is not cts2010 compliant, please order a new one. Those who have given noncts2010 cheques for paying their car or home loan emis must resubmit cts2010 standards cheques before. Enhancement of security features in cheque forms migrating to cts 2010 standards as covered in annex xa and other circulars from time to time. Features of new cts 2010 compliant cheque chequeman blog. Branch address with ifsc code printed top of the cheque. 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. Those who have given non cts2010 cheques for paying their car or home loan emis must resubmit cts2010 standards cheques before. Cheque truncation means stopping the flow of the physical cheques issued by a.
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. Cheque truncation system is a step by step process to simplify the conventional means of cheque clearance. Cheque truncation system cts is the system in which the flow of physical movement of the cheque will be eliminated in the cheque clearing process. Clearing sessions for noncts 2010 instruments will run once a week on every monday, from 1st nov, 2014 onwards. A cheque is a negotiable instrument which helps you to transfer funds from your account to others account. As per rbi guidelines, after march 31, 20, noncts2010 standard compliant cheques will still be accepted for clearing but will be cleared at less frequent intervals. New format cheques from jan 1 the hindu businessline. Noncts cheques may face further clearance delay from may 1. Go to your bank branch and request for a new cheque book or order one online. No noncts2010 cheques will be encashed after this date.
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