Cheque Clearance Rule: Starting today, Cheque clearing times at banks have been reduced. The Cheque will now be cleared the same day you petrifaction it, and the value will be transferred to the worth of the person concerned. According to the Reserve Wall of India's (RBI) new guidelines, starting October 4, 2025, it will be mandatory for all banks to well-spoken Cheque within a single day. This will make Cheque payments faster and easier. Currently, Cheque take one to two days to clear.
Cheque will be cleared within a few hours
Under the new system, starting October 4, Cheques deposited within a few hours will be cleared within a few hours. Many banks, including HDFC Wall and ICICI Bank, have informed their customers well-nigh this facility. Customers have been urged to maintain sufficient wastefulness and fill in all Cheque details correctly to stave Cheque bounces.
The new system will be implemented in two phases
According to the RBI, the new system will be implemented in two phases. The first phase will run from October 4, 2025, to January 3, 2026, while the second phase will uncork without January 3, 2026.
In this process, Cheques will be presented between 10:00 AM and 4:00 PM. The receiving wall will send an image of the Cheque to the transplanting house. The transplanting house image will then be sent to the paying bank. A confirmation session will then take place from 10:00 AM to 7:00 PM, during which the wall will provide a positive or negative response to the Cheque. Each Cheque will have an "item expiry time" within which a response must be submitted.
Customers well-considered to use the Positive Pay system
Banks have moreover urged customers to use the Positive Pay system to enhance security. Under this, Cheques of 50,000 or increasingly must be submitted to the wall at least 24 hours surpassing depositing them. The wall will verify these details upon presentation. If the details are correct, the Cheque will be cleared; else, the request will be rejected, and the cheque issuer will have to submit the details again.
