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. Corporation bank is a publicsector bank headquartered in. Non cts cheque book will not accept, sbi cheque book rule. Cts manufactures products in north america, europe and asia. Get your noncts cheque book replaced immediately, it said. If you have availed a home loan and or auto loan and issued postdated cheques instead of opting for direct debit, then you will be required to replace such.
Sbi has said that the cheque books of these banks will not be valid after december 31. Jul 19, 2017 what is cheque truncation system or cts 2010. So it is necessary for all to understand how your new cheque format looks like. Also already circulated cheques will be replaced within 31st december 2012. Cheque truncation system cts explained bankexamstoday. 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. In case your cheque is not cts2010 compliant, you can request for a new cheque book by logging in to citibank online. Therefore, we recommend you to replace your non cts 2010 cheque book with a new cheque book at the earliest. Cheques not complying with cts2010 standards will be cleared at less frequent intervals i. Implementation of cheque truncation system cts wbxpress. 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, according to national payment corporation of india npci is the process. Cheque truncation system cts 2010 standards bankbazaar. Please look for the letters cts2010 printed perpendicularly on the cheque leaf near the perforation on the left side as shown in the image. If you have ordered your cheque books recently, say, a month. Cts 2010 the banks would need to upgrade a few things to. We would like to inform you that we have been issuing cts 2010 compliant cheque books since april 2011.
In case if your cheque book does not reflect the aforementioned details you must obtain a new cts complied cheque book at the earliest, and surrender the noncompliant one to the bank. Corporation bank customers can now request new cheque book online through net banking and mobile banking. Words cts2010 printed on the left hand side of the cheque leaf near perforation. Cts certified technology specialist exam guide, second edition grimes, brad, inc. Cheque truncation system cts cheque printing software. Its all about cts 2010 new cheque truncation system. Cts corp is a designer and manufacturer of electronic components, actuators and sensors. Cts corporation is an innovative designer and manufacturer of sensors and actuators, electronic components, and a leading provider of valueadded products. If these features are present in your cheque book, it is a cts compliant one. My cheque book is not cts2010 compliant, what to do. Noncts cheques may face further clearance delay from may. The governor is, now, pleased to declare that cheque truncation system would be compulsorily implemented in 44 paostreasuries annexure a from the 1st may 2019.
Sbi to send new cheque books by dec 15, update your address. 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. If the above letters are present, your cheque book is cts2010 compliant 5. Cts 2010 compliant cheques latest breaking news, pictures, videos, and special reports from the economic times. No any cheque that is a non cts cheque will be returned by the bank as not a valid instrument under ni act. In cheque truncation, the movement of the physical instrument is stopped and replaced by electronic images and associated micr line of the cheque. Cheque book request on your corporation bank account can be done by a simple text message ccbr to 5667716 9243717778. Indias largest lender the state bank of india sbi will implement the cheque truncation system cts 2010, the new standard of cheques as mandated by the reserve bank of india. Cts is a leading designer and manufacturer of products that sense, connect, and move. Please sign above is mentioned on bottom right of the cheque. Cts is a leading designer and manufacturer of sensors, actuators and electronic components for oems in the aerospace, communications, defense, industrial, information technology, medical, and transportation markets. Meaning, pronunciation, translations and examples log in dictionary.
Everytime it is not possible to visit bank branch to request for a new cheque book. Can i deposit a non cts cheque in a home branch for. This system is followed for clearing cheques in an errorfree, fast and hasslefree manner. Request you to make a note that non cts compliant cheques would not be accepted by banks for clearing post 31 july 20. Dec 19, 2018 if you are still in possession of nonctc cheque books, then it is in your own interest to get those replaced with cts 2010 standard cheque books latest by december 31. Cheque truncation system reduces the scope for clearingrelated frauds. Aug 28, 2017 how to request new cheque book in punjab national bank online. The cheque truncation system cts is a process of stopping flow of physical cheque in which an electronic image of the instrument is presented when it comes for clearing.
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. You can check if you hold a cts compliant cheque book by verifying if the cheque leaves have the features mentioned above. Printers name with cts 2010 in left side of cheque. Request corporation bank cheque book online alldigitaltricks. You can also look for cts2010 mark on the left hand side of your chq leaves as shown in above image. You need to apply in your bank for the same and it. Noncts cheques may face further clearance delay from may 1. One can find this symbol where we write amount in figures. Today we are here to guide you how to request new cheque book in punjab national bank online.
This means that there will be no physical movement of the cheque but rather an. Get your non cts cheque book replaced immediately, it said. As per rbi guidelines, non cts 2010 standard compliant cheques will be accepted for clearing up to july 31, 20. Sbi, hdfc, pnb, icici, bob, other bank customers these to become invalid non cts cheques used by customers of all banks including state bank of india sbi, hdfc bank, icici bank, bank of baroda, punjab national bank and others will become invalid from january 1. I had to give the first page of my old cheque book and they took my request. Will the banks automatically send new cheque books or one has to ask for it. After migration of the entire cheque volume from micr system to cts, the traditional micrbased cheque. A pantograph which shows voidcopy while taking photocopy of the cheque below the account number. Reserve bank of india has issued guidelines on standardisation and enhancement of security features for cheque leaves referred to as cts2010. If it is not marked then ask your bank to issue you a fresh cheque book in cts format.
It has many special features introduced by rbi to make. Request you to make a note that noncts compliant cheques would not be accepted by banks for clearing post 31 july 20. Thus, it is considered as the major landmark in the indian banking industry. The physical instrument will be truncated at some point enroute to the drawee branch and an electronic image of the cheque would be sent. You must obtain a cts2010 compliant cheque book on or before 31st march 20. How is cts 2010 will be different from earlier system of cheque clearance. Cheque books compliant with cheque truncation system cts. Cheque books issued, by the bank, on or after 1st january 2012 are cts 2010 standard compliant.
The company manufactures sensors, actuators, and electronic components in north america, europe, and asia. These features are aimed at enhancing customer safety and facilitating easier processing of cheques. Cheque truncation system cts was pioneered by the reserve bank of india rbi, for faster clearing of cheques. As the term proposes, truncation is the course of discontinuing the flow of the physical cheque in its way of clearing. Just check, whether your existing cheque book is ctscompliant or you need to get a new ctscomplaint cheque book issued before 31st december 2012. If you are still in possession of nonctc cheque books, then it is in your own interest to get those replaced with cts 2010 standard cheque books latest by december 31.
It also provides services to oems in the automotive, communications, medical, defense and aerospace. Cheque books compliant with cheque truncation system cts 2010 standards as per reserve bank of india rbi guidelines, cheque books being issued by banks need to be. It act, 2000 and the bankers book evidence bbe act, 1891, the legal framework was put in place for the introduction of cheque truncation and echeques in india. So, better not to waste much time and get your new cheque books soon from your bank. In the year 2010, rbi came up with the guidelines for cheque truncation system. Instead of this an electronic image of the cheque is transferred with vital essential data. With this, the bank will not accept all non cts cheques that you issue from your existing cheque book and those will be out of circulation from december 31, 2012. Frequently asked questions on cheque truncation system cts 2010 1. After migration of the entire cheque volume from micr system to cts, the traditional micrbased cheque processing has been discontinued across the country. Cheque truncation system or cts 2010 the banks of india. Many banks have still not asked their customers to surrender the noncts 2010 cheque books to reflect the change, a. A cheque book is a book of cheques which your bank gives you so that you can pay for. Sbi, hdfc, pnb, icici, bob, other bank customers these to become invalid noncts cheques used by customers of all banks including state bank of india sbi, hdfc bank, icici bank, bank of baroda, punjab national bank and others will become invalid from january 1.
Sbi to send new cheque books by dec 15, update your. Words cts 2010 printed on the left hand side of the cheque leaf near perforation. 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. The lender is preparing to send the new series of cts compliant cheque books by december 15, 2012. 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 is an arrangement which facilitates the electronic processing of a cheque with the use of magnetic ink character reader micr data and the scanned image of the instrument without involving any physical exchange or. Sep 03, 2012 it is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts 2010. Bank customers do not need to discard their noncts 2010 standard cheque books in a hurry to get their multicity cts2010 standard cheque leafs. Chequebook definition and meaning collins english dictionary. Nov 03, 2016 how can set cheque print in tally erp9 friend see this video and set cheque print in tally. However some of the features of cts cheques are cheque printer details. 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. Watch the demo video to know why the new cts system speeds up. Cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. 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. Customers are requested to ensure that in case of post dated cheques pdc issued to any officeservice vendorbanks from the dbs india cheque book issued as. 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. How to identify my cheque book cts2010 standard compliant. 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.
Features of cts2010 standard chequects cheque truncation. Nov 22, 2012 this new cheque clearing system will be applicable from 1 st january,20. Cheque books of these banks valid only till december 31, 2017. Photo copy of a valid cts compliant cheque will serve the purpose better for information to general public. Only cts 2010 standard cheque books are to be used after. New cts cheque contains information of printer where they are printed along the words cts 2010 mentioned along the area where we tear off the leaf from the cheque book. Have you seen the new cheque truncation system cts compliant cheque book. Cts certified technology specialist exam guide, second. Within seven working days, i got my new cheque book by courier. Cts cheque system printing in tally erp 9 duration.
Request cheque book of corporation bank short tutorials. Jan 01, 2019 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. Nov 06, 2017 why at par was used when a cheque of a bank branch was issued and submitted to another state for encash, there was a charge from payable amount at par is used when this charge is already bear by the payer and so it can be used at any other sta. How to identify my cheque book cts2010 standard compliant or. Here we will show you how to apply new cheque book online in corporation bank. Following are some of the ways in which cts benefits the banks. People who fail to get their old cheques replaced by december 31, 2018, wouldnt be able to get their cheques cleared as separate fortnightly clearing for noncts cheques would be discontinued after december 31, 2018, as mandated by the rbi. Cts certified technology specialist exam guide, second edition. Cts2010 compliant cheque will have the printer details along with the text cts2010 printed on the extreme left hand of the cheque leaf. 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.
How to request new cheque book in punjab national bank online. As per rbi guidelines, now all banks have to issue cheques conforming to the cts 2010 standards with uniform features. It involves sending an electronic image of the cheque together with its magnetic ink character recognition micr data, and other relevant fields like date of presentation, presenting banks name, etc. Home photo gallery chandigarh non cts cheque book will not accept, sbi cheque book rule changed. Cheque books of these banks valid only till december 31. Truncation is the process of stopping the flow of the physical cheque issued by a drawer to the drawee branch. 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. Cheque truncation system, abbreviated as cts, is nothing but an electronic verification procedure using imagebased processing. As the name suggests, truncation is the process of stopping. Everything you need to know about cts 2010 cheques.
Cheque truncation system cts is a cheque clearing system undertaken by the reserve bank of india rbi for quicker cheque clearance. Overseachinese banking corporation limited account services bras basah post office locked bag service no. Check your current cheque book is it valid new cts. Cts best practice guidelines national payments corporation of india 5 1. 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. Cheque book definition and meaning collins english dictionary. Cts has been implemented in new delhi, chennai and mumbai with effect from february 1, 2008, september 24, 2011 and april 27, 20 respectively. All you need to know about new cheque books bangalore. Corporate chequebook request form gtbcorpchqbkrequest010417 please submit form at any ocbc branches or mail to. Cts best practice guidelines cts best practice guidelines. Nov 16, 2017 sbi has said that the cheque books of these banks will not be valid after december 31. Incorporated in hong kong sar with limited liability. No longer will you be able to use non cts cheques and sbi customers will not be able to do so from december 12, while other bank customers will not be able to use non cts cheques from january 1.