Can you please mail me a scanned copy of the latest cheque leaf that is compliant with cts 2010. A pantograph screen that has the word void hidden in it, created by using special screens and background designs. Posted by jagoinvestor on november 29, 2012 comments 58. Every bank customer is expected to obtain new cheque books from their. Cheque book issued till 04 november 2012 is noncts compliant. Cts is an 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. The cheque truncation system or cts is the cheque clearance system introduced by rbi to fasten up the clearing of cheques. Know about deadline, process, benefits of issuing cts cheque book 2010 with sample cheque. Cheque is an instrument in writing containing an unconditional order, addressed to a banker, sign by the person who has deposited money with the banker, requiring him to pay on demand a certain sum of money only to or to the order of certain person or to the bearer of instrument. The branch address and ifsc code should be on the top left side of the cheque 2.
A reproduction of the sample cheque available on rbis website. Chequetruncation means stopping the flow of the physical cheque. Many banks have still not asked their customers to surrender the noncts 2010 cheque books to reflect the change, a crosssection of. Non cts cheque book issue branch can pay non cts cheque amount. Noncts cheques may face further clearance delay from may 1.
Cheque truncation system cts in india is for faster clearing of cheques where cheque data are captured at the collecting bank branch and transmitted electronically to the drawee branch without the need for the physical cheques to move from the collecting bank to the drawee bank. Cheque book definition and meaning collins english. Cts stands for cheque truncation system and essentially means that. Get ready to order new india cheque books times of. It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts2010. Cheque clearing in india cheques continue to play a dominant role in indias retail payment system. In this system, instead of producing the physical cheques to the payee bank, just the electronic image of the cheque along with the micr code and other cheque credentials are transmitted to the drawee bank for the.
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. The reserve bank of india rbi has introduced a new format for cheques, the cts2010 standard as part. 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. Cts 2010 the banks would need to upgrade a few things to comply with cts 2010 standards of rbi. Come april 20 and your old cheque books from your bank account in india will become void. Cheques not complying with cts2010 standards will be cleared at less frequent intervals i. In the year 2010, rbi came up with the guidelines for cheque truncation system.
Dec 05, 2012 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. 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 transmitted. The person writing the cheque, known as the drawer, has a transaction banking account often called a current, cheque, chequing or checking account where their. As the term proposes, truncation is the course of discontinuing the flow of the physical cheque in its way of clearing. Please look for the letters cts2010 printed perpendicularly on the cheque leaf near the perforation on the left side as shown in the image.
Cts best practice guidelines national payments corporation of india 5 1. When photocopied by a color copier, the word void appears on the copied doc. Everything you need to know about cts 2010 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 the collecting bank branch and. So it is necessary for all to understand how your new cheque format looks like. Cts certified technology specialist exam guide, second. If these features are present in the cheque book, it is a cts compliant one. Watch the demo video to know why the new cts system speeds up cheque clearing times. Cheque truncation system cts explained bankexamstoday.
All banks providing cheque facility to their customers have been advised to issue only cts2010 standard cheques. 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. Cheque book issued till 04 november 2012 is non cts compliant is my cheque cts compliant. A cheque book is a book of cheques which your bank gives you so that you can pay for. Chequebook meaning in the cambridge english dictionary. A sample video that demonstrate live cts cheque scanning in branch. It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts 2010. Also already circulated cheques will be replaced within 31st december 2012.
Bank invites competitive rates for printing of micr cheque books, as per the quantity mentioned in annexure i these cheques are to be printed as per rbi guidelines conveyed vide circular number. Sbi to send new cheque books by dec 15, update your address. Those who have given noncts2010 cheques for paying their car or home loan emis must resubmit cts2010 standards cheques before the above mentioned date or switch to electronic clearing systemecs. The lender is preparing to send the new series of cts compliant cheque books by december 15, 2012.
Cheque truncation means stopping the flow of the physical cheques issued by a. Cts cheque clearance has indian banking moved ahead or. Cheque truncation system cts cheque printing software. Cheque truncation system 2010 or, cts2010, is a new standard with uniform cheques with additional safety features for faster clearances through digital sharing of an image and relevant details of cheques between banks. Words cts2010 printed on the left hand side of the cheque leaf near perforation. Instead of this an electronic image of the cheque is transferred with vital essential data.
Cheque book issued till 04 november 2012 is noncts compliant is my cheque cts compliant. 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, date of presentation. Adhil shetty updated on december 24, 2012 published on december 22, 2012. Information and translations of chequebook in the most comprehensive dictionary definitions resource on the web. Banks shall not charge their savings bank account customers for issuance of cts2010 standard cheques when they are issued for the first time. 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. No noncts2010 cheques will be encashed after this date.
Cheque book issued prior to december 2010 is non cts compliant savings treasure accounts. Cheque book issued prior to december 2010 is noncts compliant savings treasure accounts. After migration of the entire cheque volume from micr system to cts, the traditional micrbased cheque processing has been discontinued across the country. Cts certified technology specialist exam guide, second edition. The reserve bank of india rbi has extended the deadline for implementing the cheque truncation system2010 cts 2010 by another three months. I had to give the first page of my old cheque book and they took my request. If these features are present in your cheque book, it is a cts compliant one. Chequebook definition and meaning collins english dictionary. Cheque truncation system is a step by step process to simplify the conventional means of cheque clearance. How to identify my cheque book cts2010 standard compliant. Chequebook definition of chequebook by the free dictionary. Non cts cheque book issue bank can payment non cts cheque.
This means for any change in the payees name, amount in figures or amount in words, you will have. You need to apply in your bank for the same and it is available free of cost. This calls for your immediate action to make sure that your cheque book is cts compliant. Cts certified technology specialist exam guide, second edition grimes, brad, inc. Cheque truncation implies stopping the physical flow of cheque. Instead of manually transferring cheque from one branch to other branch, under cts the image captured of cheque along with micr. To help you identify whether the cheque book you currently hold is cts compliant or not, you can look for the following features. 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. Cts has been implemented in new delhi, chennai and mumbai with effect from february 1, 2008, september 24, 2011 and april 27, 20 respectively. 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. 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 cts is a cheque clearing system undertaken by the reserve bank of india rbi for quicker cheque clearance. Getahead 7 things you need to know about the new cheque books 7 things you need to know about the new cheque books last updated on. Just check, whether your existing cheque book is ctscompliant or you need to get a new ctscomplaint cheque book issued before 31st december 2012. In case your cheque is not cts2010 compliant, you can request for a new cheque book by logging in to citibank online. If the above letters are present, your cheque book is cts2010 compliant 5. We had earlier reported that your old cheque books may become invalid, come january 1, 20. Cts best practice guidelines cts best practice guidelines. Cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. Banks have now been asked to ensure all cheques are compliant with cts 2010 standards by april 1, 20. Get ready to order new india cheque books times of india. Cheque truncation system cts or imagebased clearing system ics, in india, is a project of the reserve bank of india rbi, commenced in 2010.
Cheque truncation system new benchmark for cheques in banks. Technical analysis people news analysis research reports. Simple guide for customers to identify if their cheques are cts. 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. Check your current cheque book is it valid new cts. This means the older noncts 2010 cheques will continue to be valid till march 20. For accounts opened this year, only the first cheque book issued will be free. Go to your bank branch and request for a new cheque book or order one online. Your old cheque leaves may not be valid after march 31, 20, as the rbi has. Noncts cheques may face further clearance delay from may. Cts or imagebased clearing system ics is an initiative of the reserve bank of india rbi for faster clearing of cheques. Cheque truncation system reduces the scope for clearingrelated frauds.
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