As part of the plan, the cheque amount will be credited to the bank account within a few hours after a quick processing. Earlier, it used to take up to 2 days for cheque clearance.
The new “Continuous Clearing and Settlement” system will allow banks to clear the cheques within a few hours, with all tasks handled during the banking hours.
Banks had already started the trial of the new system, earlier.
The HDFC and the ICICI banks had announced plans to roll out the same-day cheque settlement service from October 4. Both banks had asked customers to maintain sufficient account balance and fill details correctly to avoid delays, rejection, or cheque bounce.
Banks also asked the customers to use the Positive Pay System to boost security. Under this framework, certain essential details are provided to the bank before depositing cheques worth over ₹50,000.
You will need to inform the bank of your account number, cheque number, date, amount, and the name of the payee at least 24 working hours in advance.
The bank will verify these details when the cheque is received. If everything matches, the cheque will be cleared; if not, it will be rejected. In such cases, you will need to provide the details again.
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