A reproduction of the sample cheque available on rbis website. Therefore, we recommend you to place a request for a new cheque book. Check your current cheque book is it valid new cts. Rbi guidelines on standardization of security features for cheque leaves, referred to as cts2010 are aimed at enhancing customer safety and facilitating easier. At present, when you issue a cheque to someone, he has deposit the cheque in his bank to get credit. You need to apply in your bank for the same and it is available free of cost. The benchmark prescriptions are collectively known as cts2010 standard. 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.
Instruments not complying with cts2010 standards will continue be accepted but will be cleared at less frequent intervals. Procedural guidelines for cheque truncation system cts. Just check, whether your existing cheque book is ctscompliant or you need to get a new ctscomplaint cheque book issued before 31st december 2012. Cheque truncation system 2010 or, cts2010, is a new standard with uniform cheques with additional safety features for faster clearances through digital sharing. Cheque printer details along with cts2010 mentioned on the extreme left hand side, near the side where you detach a cheque leaf from the cheque book. 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. Also already circulated cheques will be replaced within 31st december 2012.
In this system of clearing, the collecting bank need not present the physical cheque to the drawee branch. Clearing sessions for noncts 2010 instruments will run once a week on every monday, from 1st nov, 2014 onwards. Incase the cheque book you currently have is not cts2010 compliant as per the above features we request you to immediately order a new cheque book. 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. 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. Can you please mail me a scanned copy of the latest cheque leaf that is compliant with cts 2010. What is bearer cheque, order cheque, crossed cheque, open. In case your cheque book is not cts2010 compliant, please order a new one. Enhancement of security features in cheque forms migrating to cts 2010 standards as covered in annex xa and other circulars from time to time.
However, most banks started issuing cts cheque books from midseptember. How is cts 2010 will be different from earlier system of cheque clearance. Visit your nearest citibank atm and select option request a cheque book. Cheque truncation system is a step by step process to simplify the conventional means of cheque clearance. For the uninitiated, cts transforms cheque clearing from a paperintensive. Then this cheque moves physcially from his bank to your bank which involves a lot of time and risk. 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 presenting bank captures the cheque images and magnetic ink charecter recognition micr data from end to end precise scanners by using the capture. So it is necessary for all to understand how your new cheque format looks like. Indian bank charges rupees thirty for one cts2010 cheque book, from customers. The cheque truncation system cts is basically an online imagebased clearing system ics. You must obtain a cts2010 compliant cheque book on or before 31st march 20.
It is now mandatory for banks to strictly issue standardized and enhanced new format of cheques called cts2010. It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts2010. Cheque book issued prior to december 2010 is noncts compliant savings treasure accounts. These specifications include various security features including standardized watermark, hidden void pantograph, uv inkprinted bank logo, holograms. As per rbi guidelines, after march 31, 20, noncts2010 standard compliant cheques will still be accepted for clearing but will be cleared at less frequent intervals. Cheque truncation system cts cheque printing software. If the letters cts2010 are present here, your cheque book is cts2010 compliant. Noncts 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.
Cts 2010 compliant cheque means, the cheque adheres to the cheque truncation system which started in 2010 in india, as per the guidelines of rbi. Rbi has also issued specifications under the cts2010 standard for cheque forms which lays down the minimum and mandatory features that cheques must have. However some of the features of cts cheques are cheque printer details. This means for any change in the payees name, amount in figures or amount.
Under the cts system, the physical movement of cheques between banks will be elminated. For the past 6 months, rbi has been announcing several times saying noncts2010 compliant cheques would be valid up to specific period. When a cheque is not crossed, it is known as an open cheque or an uncrossed cheque. Cheques not complying with cts2010 standards will be cleared at less frequent intervals i.
First and foremost, many thanks goes to axis bank, india for providing helpful information. Thus, it is considered as the major landmark in the indian banking industry. Cheque book issued till 04 november 2012 is non cts compliant is my cheque cts compliant. How cts2010 cheque is different cts2010 mark up on the vertical side line as shown in above image. Branch address with ifsc code printed top of the cheque.
One can find this symbol where we write amount in figures. Bank invites competitive rates for printing of micr cheque books, as per the quantity mentioned in annexure i these cheques are to be printed. Cheque books issued, by the bank, on or after 1st january 2012 are cts 2010 standard compliant. Following are the features of new cts 2010 compliant cheques.
The deadline for the withdrawal of noncts2010 standard cheques is july 31, 20 and banks have begun to issue fresh cheques in the cts2010 complaint format. Please note that when you receive or issue a cheque, if. Cheque book issued prior to december 2010 is non cts compliant savings treasure accounts. As the term proposes, truncation is the course of discontinuing the flow of the physical cheque in its way of clearing. Cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. Cheque clearing in india cheques continue to play a dominant role in indias retail payment system. More people are using electronic means to send money and pay for goods and services. Void pantograph just below where the account number is mentioned. Printing of mccs is now fully in conformity with cts 2010 standards. Noncts cheques may face further clearance delay from may 1. With this, the bank will not accept all noncts cheques that you issue from your existing cheque book and those will be out of circulation from december 31, 2012. 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.
Banks logo and details on the left hand side corner. 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. These cheques have cts 2010 printed near the left margin. If you have ordered your cheque books recently, say, a month. Jan 12, 20 8 boxes to write the date in ddmmyyy format. All the 14 lcpcs are printing and issuing mccs in respect of branches linked to them. The number of cheque leaves in the multi city payable at par cts2010 standard cheque books will be as under. To change the cheque dimensions, you can click and drag the borders of the cheque.
Noncts cheques may face further clearance delay from may. Everything you need to know about cts 2010 cheques banking. Its all about cts 2010 new cheque truncation system. These cheques may be cashed at any bank and the payment of these cheques can be obtained at the counter of the. Noncts cheques were meant to be discontinued from use throughout the country from 31 july 20. Those who have given noncts2010 cheques for paying their car or home loan emis must resubmit cts2010 standards cheques before. Go to your bank branch and request for a new cheque book or order one online. Fintotal news analysis noncts2010 cheques will take. The branch address and ifsc code should be on the top left side of the cheque 2. Those who have given non cts2010 cheques for paying their car or home loan emis must resubmit cts2010 standards cheques before. There is a new symbol of rupees inserted near the numerical amount column. Standardization and enhancement of security features in cheque formsmigrating to cts 2010 standards please refer to the instructions contained in our circular no. Cts2010 standard cheques free book on indian stock market.
Cheques are still the prominent mode of payment in the country. Cheque issuing banks shall make all efforts to withdraw the noncts2010 standard cheques in circulation before the extended timeline of july 31, 20 by creating awareness among customers through sms alerts, letters, display boards in branchesatms, logon message in internet banking, notification on the website etc. Noncts2010 complaint cheques valid up to jul20how does this impact you. Cheque frauds can be greatly reduced with introduction of minimum security features prescribed under cts standards 2010, such as embedded verifiable features such as barcodes, encrypted codes. No non cts2010 cheques will be encashed after this date. Features of new cts 2010 compliant cheque chequeman blog. Cheque truncation means stopping the flow of the physical cheques issued by a. Cheque clearing or check clearing in american english or bank clearance is the process of moving cash or its equivalent from the bank on which a cheque is drawn to the bank in which it was deposited, usually accompanied by the movement of the cheque to the paying bank, either in the traditional physical paper form or digitally under a cheque truncation system.
Cheque truncation system cts is a cheque clearing system undertaken by the reserve bank of india rbi for quicker cheque clearance. 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. Chequetruncation means stopping the flow of the physical cheque. 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. 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. 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. 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. No noncts2010 cheques will be encashed after this date. All banks providing cheque facility to their customers have been advised to issue only cts2010 standard cheques.
Does your software supports cts2010 cheque formats. Standardization and enhancement of security features in. Features of cts2010 standard chequects cheque truncation system 6222014 01. What does cts 2010 noncompliant cheque mean in icici.
This article on cts cheque 2010 is for increasing public awareness and a special information for indian residents regarding cts cheque. New format cheques from jan 1 the hindu businessline. This new cheque clearing system will be applicable from 1 st january,20. 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.