Good news for ICICI Bank customers. From now on, the cheques deposited in the bank will be cleared on the same day. That is, the money will be credited to the customer’s account on the same day the cheque is deposited.
Till now, the money was credited to the account the day after the cheque was deposited. However, from October 4, 2025, the processing of cheques will be expedited. The second largest private sector bank, ICICI, has informed its customers about this information through email. This new system will significantly improve the convenience of customers.
This facility will be available to customers from October 4. According to ICICI Bank, cheques deposited after this date will be cleared on the same day. This change is being made as per the guidelines of the Reserve Bank of India (RBI). The RBI has emphasized on speeding up the cheque clearing and settlement process. The bank said that this new system will provide significant convenience to customers. Funds will be available immediately, delays will be reduced, and the transaction process will be faster. This move will increase banking efficiency.
This update is due to a new RBI rule. In August 2025, the RBI directed banks to adopt a continuous settlement system instead of clearing cheques in batches. The first phase of this system will be implemented from October 4, 2025. In this phase, banks will scan cheques between 10 am and 4 pm and send them to the clearing house. The second phase will start in January 2026. ICICI Bank has advised customers to be careful while issuing cheques, maintain sufficient balance in their account, and avoid overwriting or altering them.
Apart from cheque clearing, ICICI Bank has also informed its customers about the Positive Pay feature. This feature is designed to prevent frauds involving large cheques. The bank recommends using the Positive Pay system for cheques above ₹50,000. This system verifies details like account number, cheque number, payee name, amount, date, etc. This system makes cheque transactions secure. Customers using this feature will be at a lower risk of financial fraud.
The bank has clarified that positive pay is mandatory for cheques above Rs 5 lakh. Cheques above this amount will be returned without positive pay verification. As per RBI rules, only cheques verified by positive pay will be protected in the dispute resolution system.
Currently, most banks use Cheque Truncation System (CTS). In this system, the cheque image is transmitted electronically, and it takes 1-2 days for the funds to be transferred to the account. ICICI Bank will adopt this new system from October 4, which will speed up cheque clearing and make funds available to customers on the same day.
