According to banking experts, cts2010 cheques have certain common security features and sta. 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. Based on the 31 march deadlines, many vendors like ebay have already put up notices to only accept cts2010 cheques, so get your new cheques before they start to bounce. Earlier, cheques deposited by customers used to be presented by the collecting bank to the paying bank over the counter of t. Noncts cheques may face further clearance delay from may 1. 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. The main feature of cts2010 cheques is that a cheque can be cleared electronically. Dec 19, 2018 if you are still in possession of non ctc cheque books, then it is in your own interest to get those replaced with cts 2010 standard cheque books latest by december 31. As per rbi guidelines, non cts 2010 standard cheques will be withdrawn from circulation by 31december20. Words cts2010 printed on the left hand side of the cheque leaf near perforation. Cheque books not containing cts2010 cheque leafs are called noncts cheque books. Everything you need to know about cts 2010 cheques.
Many customers are yet to receive either individual intimation on the new. 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. Cheque issuing banks shall make all efforts to withdraw the noncts2010 standard cheques in circulation. Words cts 2010 printed on the left hand side of the cheque leaf near perforation. Can you please mail me a scanned copy of the latest cheque leaf that is compliant with cts 2010. Rbi has issued a circular telling all banks that they should only process and accept those cheques which follow cts guidelines what is cheque. Rbi had asked banks to replace noncts 2010 compliant cheque books, but most banks are understood to be going slow. However some of the features of cts cheques are cheque printer details. Nov, 2014 noncts compliant cheques, drafts still in circulation. If you received your chequebook before august 2011, you are requested to order a new one. So, the validity of non cts cheques is again extended, this time upto 30th april 2014. As per the negotiable instruments act, every cheque is required to be presented to the drawee paying bank for payment. 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.
If the cheque book is not with cts2010 cheque leafs, they are referred to as noncts cheque books. And the customers to this respect have been asked to get their noncts cheque book replaced and instead get the new cts2010 standard chequebook for free. This implies you may have to contact those members who have issued. Rbi had issued instructions to banks in 2012 to issue only cts2010 compliant cheque books, demand drafts and pay orders and not charge. 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. All cheques carry a standardized watermark, with the words ctsindia which can be seen when held against any ligh source. Only cts 2010 standard cheque books are to be used after 31. Cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. I have issued non cts 2010 standard post dated cheques pdcs for repayment of my loan. Mar 18, 20 cheque issuing banks shall make all efforts to withdraw the non cts 2010 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. Sbi customers can deposit their noncts cheque in their respective branch and get free new cts2010 standard chequebook. Please note that non cts2010 standard cheques will not be valid after december 31, 2012.
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. If these features are present in your cheque book, it is a cts compliant one. The rbi has extended the deadline of march 31 till july 31 for issuance of new cts cheque books books and withdrawal of all. Only cts 2010 standard cheque books are to be used after.
Cheque books issued, by the bank, on or after 1st january 2012 are cts 2010 standard compliant. 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. Cheque books compliant with cheque truncation system. 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. Noncts cheques may face further clearance delay from may. Of late you must have noticed advertisements in newspapers put up by banks urging account holders to stop circulating noncts compliant cheques and. Noncts compliant cheques, drafts still in circulation the. A reproduction of the sample cheque available on rbis website. Noncts compliant cheques, drafts still in circulation. Cheque truncation system cts cheque printing software. Please note that non cts 2010 standard cheques will not be valid after december 31, 2012.
It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts 2010. If you still have a noncts cheque book, you need to get it replaced by your. Only cheque books issued after aug 2011 are cts 2010 compliant. Thus, noncts cheques would not be used after 31 march 20. So it is necessary for all to understand how your new cheque format looks like. Everything you need to know about cts 2010 cheques banking. Dec 17, 2018 cheque books not containing cts 2010 cheque leafs are called non cts cheque books. As per rbi guidelines, only cts 2010 standard cheque books are to be used after 31 december 2012. Apr 29, 2014 many banks have still not asked their customers to surrender the noncts 2010 cheque books to reflect the change, a crosssection of bankers told this correspondent, adding the purpose of the.
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. Sbi is arranging to send these new series of cheque books to its customers at their last recorded address. Follow uniform holiday calender for cts cheque 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. Just check, whether your existing cheque book is ctscompliant or you need to get a new ctscomplaint cheque book issued before 31st december 2012. Cheque truncation system new benchmark for cheques in banks. Bank customers rbi new guidelines 2019 non cts cheques. How to identify my cheque book cts2010 standard compliant or.
All residual noncts2010 cheques with customers will continue to be valid and accepted in all clearing houses including the cheque. Many banks have still not asked their customers to surrender the noncts 2010 cheque books to reflect the change, a crosssection of bankers. How to identify my cheque book cts2010 standard compliant. 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. The cts cheque books will have a cts2010 cheque leafs. Oct 03, 2018 as per the negotiable instruments act, every cheque is required to be presented to the drawee paying bank for payment. It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts2010. Dec 19, 2018 if you are still in use of non ctc cheque books, then it is in your own interest to get those replaced with cts 2010 standard cheque books latest by december 31. Cheque book issued prior to december 2010 is noncts compliant. Rbi extends deadline for noncts cheques till july 31 mumbai, mar 19.
Punjab national bank in one of its advisories says. There is a new standard in banking called as cheque truncation system or cts 2010, which all the banks have to follow now. If you still have a noncts cheque book, you need to get it replaced by your banker. If you are still in possession of non ctc cheque books, then it is in your own interest to get those replaced with cts 2010 standard cheque books latest by december 31. All cheques carry a standardized watermark, with the words cts india which can be seen when held against any ligh source. Simple guide for customers to identify if their cheques are cts. 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. Mar 19, 20 rbi extends deadline for non cts cheques till july 31 mumbai, mar 19. Note that all new cheque books issued by indian banks compulsorily have to be cts2010 compliant, so if you issued a new chequebook recently, it should be compliant. One can find this symbol where we write amount in figures.
The new cts standard enables banks to convey the cheque as an image to the clearing house rather than in its physical form. As per guidelines, non cts2010 cheques issued by bank in india will be withdrawn from circulation by march 31, 20. As per rbi guidelines, non cts 2010 standard cheques will be withdrawn from circulation by 31july20. Banks, customers go slow in adopting new cheque book the. Clearing sessions for noncts 2010 instruments will run once a week on every monday, from 1st nov, 2014 onwards. Cheque books not containing cts 2010 cheque leafs are called non cts cheque books. Rbi extends deadline for withdrawing noncts 2010 cheques. 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. Noncts cheques valid till 31 july rbi india infoline. Nov 11, 2012 most banks are now issuing cts cheque truncation system 2010 cheque books only and are collecting unused cheque leaves of the non cts 2010 cheque books. 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. Watch the demo video to know why the new cts system speeds up cheque clearing times. 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 books latest by december 31.
And the customers to this respect have been asked to get their non cts cheque book replaced and instead get the new cts 2010 standard chequebook for free. Apr 19, 20 therefore, we recommend you to replace your non cts 2010 cheque book with a new cheque book at the earliest. According to banking experts, cts 2010 cheques have certain common security features and sta. Many banks have still not asked their customers to surrender the noncts 2010 cheque books to reflect the change, a crosssection of bankers told this correspondent, adding the purpose of the. Rbi extends cheque upgradation deadline till march next year 14 dec, 2012, 01. The cut off date for accepting non cts cheques has been extended till 31st july 20. 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. Mar 18, 20 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.
If you are holding the non cts 2010 standard cheque books cheque leaves, you are requested to surrender the same at the base branch where you are having your account and apply for new cts 2010 standard cheque book. Procedural guidelines for cheque truncation system cts. 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. Cts2010 cheques have certain common security features and standardised field placements for enabling image based processing of. Get your noncts cheque book replaced immediately, it said. Incorporated in hong kong sar with limited liability.
If you are holding the non cts2010 standard cheque bookscheque leaves, you are requested to surrender the same at the base branch where you are having your account and apply for new cts2010 standard cheque book. Rbi extends deadline for noncts cheques till july 31 india. Watch the demo video to know why the new cts system speeds up cheque clearing. Rbi extends deadline for withdrawing noncts 2010 cheques by. If the cheque book is not with cts 2010 cheque leafs, they are referred to as non cts cheque books. Sep 03, 2012 it is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts 2010. If you have ordered your cheque books recently, say, a month ago, you may already have the new cheque leaves with you. Cheque truncation system basically helps in faster clearance of the cheques in the banking records. Cheque issuing banks shall make all efforts to withdraw the non cts 2010 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, customers go slow in adopting new cheque book the hindu. 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. If you are still in use of nonctc cheque books, then it is in your own interest to get those replaced with cts2010 standard cheque books latest by december 31. Please surrender your unused non cts cheques at your branch and obtain new cts 2010 standard cheque book.
If you havent switched to cts cheques, you have 4 more months. Jan 12, 20 8 boxes to write the date in ddmmyyy format. As per an old rbi rule, noncts cheques will be invalid after. Banks will clear cheques faster with this new tech.
Instruments not complying with cts2010 standards will continue be accepted but will be cleared at less frequent intervals. Also already circulated cheques will be replaced within 31st december 2012. Rbi extends deadline for noncts cheques till july 31. Mar 15, 20 rbi had asked banks to replace non cts 2010 compliant cheque books, but most banks are understood to be going slow. 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.
The reserve bank of india rbi on monday extended the deadline to migrate to newlook cheques cts2010 standard cheques with more security and standardised features to july 31, from march 31, 20. Thus, it is considered as the major landmark in the indian banking industry. Sep 03, 20 cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. Check your current cheque book is it valid new cts. Most banks have already stopped clearing non cts cheques since january 1, 2019. Non cts compliant cheques cheques not compliant to the cheque truncation system cts 2010 standards will be cleared thrice a week only, until 30 april, 2014.