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. As per guidelines, non cts2010 cheques issued by bank in india will be. Banks would do better if they display new cheque format in their branch. 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.
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. All chequebooks issued by the bank after aug 2011 are cts 2010 compliant. If you have ordered your cheque books recently, say, a month ago, you may already have the new cheque. In case you have issued non cts 2010 standard post dated cheques pdcs. To verify if your cheque will hold true post december 2012, check for the following two features on cheque, if they are present, you dont need to worry, if not, order your new cheque book varies from bank to bank.
It looks all the current cheque books will have to be replaced. Cheque truncation system, abbreviated as cts, is nothing but an electronic verification procedure using imagebased processing. You can now print your cheque in cts 2010 without any worries. Will the banks automatically send new cheque books or one has to ask for it. Cheque clearing in india cheques continue to play a dominant role in indias retail payment system. 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. Nov 27, 2012 its mentioned on the side line of the cheque as cts2010 to identify whether its cts2010 standards or not. Check your current cheque book is it valid new cts. Watch the demo video to know why the new cts system speeds up cheque clearing times for you, and how to identify a cts. According to new guidelines provided by rbi reserve bank of india all indian banks should follow cts 2010 cheque formats, and virtual splat has already taken care about this rule. Indian bank charges rupees thirty for one cts2010 cheque book, from customers. You can now print your cheque in cts 2010 with out any worries. Cheque book issued prior to december 2010 is noncts compliant.
Simple guide for customers to identify if their cheques are cts. Dear adda treasurers, rbi is mandating the use of new format cheque leaves known as cts 2010 standard cheques from 01jan20. As the term proposes, truncation is the course of discontinuing the flow of the physical cheque in its way of clearing. Deadline for new format cheques extended the rbi asked banks to issue new cheque books only under the new format and gave them time till julyend to withdraw the old format cheques. 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. Cts 2010 compliant cheques latest breaking news, pictures, videos, and special reports from the economic times. My cheque book is not cts2010 compliant, what to do. Mar 20, 20 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, will be banned from now wherever electronic. Cheque books issued, by the bank, on or after 1st january 2012 are cts 2010 standard compliant. What is the format of cts 2010 standard cheque book. All this is because we are moving from an old format to a new format of cheque clearance in india. Rrbs lax in adapting to new ctc cheque format lucknow. Following are the features of new cts 2010 compliant cheques.
If your cheque book is issued prior to august 2011, you are requested to indent for a new cheque book to avoid any inconvenience. Post dated cheques issued by you and due after 31st march 20, needs to replace by cts 2010 compliant cheques. 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 11, 2012 rbi is mandating the use of new format cheque leaves known as cts 2010 standard cheques from 01jan20. Check your cheque status, only those in new format will be. The lender is preparing to send the new series of cts compliant cheque books by december 15, 2012. 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. In case your cheque is not cts2010 compliant, you can request for a new cheque book by logging in to citibank online. Axis bank has started issuance of cts 2010 cheque book post august 2011. You can see some of the features to identify if you have a cts 2010. Older cheque leaf to outdate on dec 31, 2012 cts 2010. Standardisation and enhancement of security features in cheque forms, the introduction and implementation of additional security features on cheque forms will commence from 1. Everything you need to know about cts 2010 cheques.
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. Yes, as per the new guidelines provided by rbi reserve bank of india all indian banks should follow cts 2010 cheque formats, and virtual splat has already taken care about this rule. Request you to make a note that non cts compliant cheques would not be accepted by banks for clearing post 31 july 20. How to identify my cheque book cts2010 standard compliant or.
If you have your cheque book issued before aug 2011, then you need to get a new cheque book to be used after 31 dec 2012. So it is necessary for all to understand how your new. The word is clearly visible in photocopies of a cheque. You can now print your cheque in cts 2010 with out any. The move to replace cheques with instruments that meet the new cheque cts. Please look for the letters cts2010 printed perpendicularly on the cheque leaf near the perforation on the left side as shown in the image. Instead of this an electronic image of the cheque is transferred with vital essential data.
All those who have yet to apply for the new cts 2010 cheque format need to do so before marchend as all banks would necessarily adapt to the new te. Sep 03, 20 everything you need to know about cts 2010 cheques banking basics. Sbi to send new cheque books by dec 15, update your address. Nris, get ready to order new india cheque books the economic. We would like to inform you that we have been issuing cts 2010 compliant cheque books since april 2011. So you should immediately indent a new cts 2010 standard. You can also request for a new cheque book through dbs atm or internet banking. This means that there will be no physical movement of the cheque but rather an.
Sep 03, 2012 it is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts 2010. Nov 21, 2012 if you have your cheque book issued before aug 2011, then you need to get a new cheque book to be used after 31 dec 2012. Rbi has now extended the deadline to 31st march 20 to withdraw non cts 2010 standard cheques in circulation. Cts 2010 standard cheques will be cleared on all working days. Check your cheque status, only those in new format will be honoured from january 1 get a new cheque book before the new year. It is now mandatory for banks to strictly issue standardized and enhanced new format of cheques called cts 2010.
It supports 30 free cheque prints, after which you can purchase unlimited cheque printing for just inr say byebye to handwritten cheques print cheques in four simple steps. As per the said new rbi guidelines, banks have been advised to issue only cts 2010 standard multicitypayable at par cheques to their account holders. The right hand corner of the cheque leaf has boxes provided for the date which is in the ddmmyyyy format. Cts2010 compliant cheque will have the printer details along with the text cts2010 printed on the extreme left hand of the cheque leaf.
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. If the above letters are present, your cheque book is cts2010 compliant 5. Business edition indian banks cts 2010 functional cheque. Know your new ctc2010 standard bank cheque format it is now mandatory for banks to strictly issue standardized and enhanced new format of cheques called cts2010.
Add one more item get a new cheque book to your list of things to do before the new year. International helpline 91446685 4555 or your relationship manager to request for a new cheque book. 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. Thus, it is considered as the major landmark in the indian banking industry.
Beginning 1st april, cheque truncation system cts would be implemented, whereby the flow of. Standard edition indian banks cts 2010 functional cheque. What is the format of cts2010 standard cheque book. Please sign abovea is written on the cheque at the bottom right side. You must obtain a cts 2010 compliant cheque book on or before 31st march 20. Earlier, cheques deposited by customers used to be presented by the collecting bank to the paying bank over the counter of t.
Important message cts 2010 regulation applicable to. Printers name with cts 2010 in left side of cheque. Please look for the letters cts 2010 printed perpendicularly on the cheque leaf near the perforation on the left side as shown in the image. Please sign above is mentioned on bottom right of the. Therefore, we recommend you to replace your non cts 2010 cheque book with a new cheque book at the earliest. You need to apply in your bank for the same and it is available free of cost. This system is followed for clearing cheques in an errorfree, fast and hasslefree manner. Cheque truncation system cts cheque printing software. Go to your bank branch and request for a new cheque book or order one. Know your new ctc 2010 standard bank cheque format it is now mandatory for banks to strictly issue standardized and enhanced new format of cheques called cts 2010. Watch the demo video to know why the new cts system speeds up cheque clearing times for you, and how to identify a cts compliant cheque. It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts 2010.
Oct 25, 2012 cts 2010 standard has introduced new security and format features in cheques, including popular micr code. Cts 2010 compliant cheques are designed uniformly in. Rbi has also advised that although any residual noncts 2010 standard cheques will continue to be. Cts 2010 standard cheque introduced for standardization of security features and easy processing. Rbi has now extended the deadline to 31st march 20 to withdraw noncts 2010 standard cheques in circulation. As per rbi guidelines, non cts 2010 standard compliant cheques will be accepted for clearing up to july 31, 20. Effective december 31st, 2012 usage of non cts 2010 standard cheques would not be applicable with regard to your investments. You may not be able to use your old cheques from next year with the implementation of the new cheque truncation system cts 2010, which will eliminate physical movement of cheques for clearing. How to identify my cheque book cts2010 standard compliant. If these features are not present in your cheque book, than your cheque book is not a valid cts 2010 standard compliant. Also already circulated cheques will be replaced within 31st december 2012.
First and foremost, many thanks goes to axis bank, india for providing helpful information. Cts 2010 cheque truncation system cheque is a new type of cheque introduced by reserve bank of india. Features of new cts 2010 compliant cheque chequeman blog. In case you hold cheque books prior to august 2011, immediately replace them with cts 2010 compliant cheque books from your own branch. How do i know if my present cheque book is 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 transmitted. Features of cts2010 standard chequects cheque truncation. Dec 16, 2012 cts 2010 compliant cheque will have the printer details along with the text cts 2010 printed on the extreme left hand of the cheque leaf.
Banks shall not charge their savings bank account customers for issuance of cts 2010 standard cheques when they are issued for the first time. New format cheques from jan 1 the hindu businessline. Rbi had issued a notification relating to the implementation of cts 2010 standard. There is a new symbol of rupees inserted near the numerical amount column. Otherwise, cts 2010compliant cheques are designed uniformly in terms of. The decision would be revisited in future once uv technology stabilises. If the letters cts2010 are present here, your cheque book is cts2010 compliant.
Rbi has also advised that although any residual non cts 2010 standard cheques will continue to be accepted post. 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. Also all the current circulated cheques will be replaced within 31st march, 20. Dec 23, 2012 it is now mandatory for banks to strictly issue standardized and enhanced new format of cheques called cts 2010. Everything you need to know about cts 2010 cheques banking. Nris, get ready to order new india cheque books rbi has introduced a new format for cheques, the cts 2010 standard as part of its measures for enhancement of security features.
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. Cheque truncation system cts is a cheque clearing system undertaken by the reserve bank of india rbi for quicker cheque clearance. If you have ordered your cheque books recently, say, a month ago, you may already have the new cheque leaves with you. 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. You must obtain a cts2010 compliant cheque book on or before 31st march 20. Get ready to order new india cheque books times of. If the above letters are present, your cheque book is cts 2010 compliant 5. Nris, get ready to order new india cheque books the.
Rbi has introduced a new format for cheques, the cts2010 standard as part of its measures for enhancement of security features. Cts 2010 compliant cheques blogs, comments and archive news on. Cheque printing software supports all printers supports. Cheque printing software follows cts 2010 cheque format.
Nov 29, 2012 identify whether your existing citibank account cheque book is cts2010 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 noncts2010 standard cheques with cts2010 standard cheques. Cheque truncation system cts 2010 standards bankbazaar. As per the direction of reserve bank of india rbi, non cts 2010 cheques will be withdrawn by 31st march 20. Branch address with ifsc code printed top of the cheque. As per the negotiable instruments act, every cheque is required to be presented to the drawee paying bank for payment. Deadline for new format cheques extended business today. Important message cts 2010 regulation applicable to cts. The deadline for new cheques under the cheque truncation system cts 2010 has been extended till 31 march 20 by the rbi. 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.
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