ICICI Bank Cheques cleared rule: ICICI Bank has announced that starting October 4, 2025, Cheques deposited will be cleared the same day. This decision was taken in accordance with new guidelines issued by the Reserve Bank of India (RBI), which aim to ensure faster Cheques clearing and settlement.
The bank informed its customers via email that same-day clearance requires customers to deposit their Cheques before the designated branch’s cut-off time. ICICI Bank states that this move will ensure faster access to funds, greater convenience, and reduce delays. The bank advises customers to issue Cheques correctly and maintain a sufficient balance in their accounts to avoid any problems with clearing. It also stated that, in accordance with RBI guidelines, customers should use the “Positive Pay” feature to prevent fraudulent Cheques transactions.
What is Positive Pay?
Positive Pay is a security process where customers electronically send Cheques information to their bank so the bank can verify it before clearing it. This helps prevent fraudulent transactions.
The main details of the cheque that need to be given are-
– Account number
– Cheque number
– Name of the beneficiary/payee
– Amount of the Cheques
– Date of Cheques
Why is positive pay important?
– Recommended: For cheques above ₹50,000.
– Mandatory: For cheques above ₹5,00,000.
– If a Cheques above ₹5 lakh is deposited without Positive Pay, the bank will return it. Only Cheques with Positive Pay confirmation are eligible for protection under the RBI’s dispute resolution system.
Important rules for Cheques clearing
– Amount should be given in words and figures, no change.
– The date of the cheque must be valid.
– There should not be any modification/editing in the payee name, amount or date.
– The signature on the cheque should match the specimen signature registered with the bank.
RBI announces same-day cheque clearing
In August 2025, the RBI announced that Cheques clearing would shift from a batch system to a continuous system. This will be implemented in two phases:
– Phase 1: October 4, 2025
– Phase 2: January 3, 2026
Banks will scan and immediately transmit Cheques to the clearinghouse during a single presentation session from 10:00 a.m. to 4:00 p.m. The clearinghouse will continuously provide Cheques images to the drawee bank.
How are cheques cleared currently?
Banks now use the Cheques Truncation System (CTS). In this system, paper Cheques are not physically transferred; instead, electronic images and Cheques information are sent to the drawee bank the same day. The entire Cheques return and settlement cycle is completed the next day. This ensures the customer receives funds within 1–2 days.
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