From today, your bank Cheque (Cheque clearing time) will no longer take time. The Cheque will clear the same day you deposit it, meaning the amount will be transferred to the account of the person concerned.
In fact, according to new guidelines from the Reserve Bank of India (RBI), starting October 4th, all banks have been mandated to clear 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, Cheque deposited starting October 4th will be cleared within a few hours on the same day. Both banks have urged customers to maintain sufficient balance to avoid Cheque bouncing and to enter all Cheque details correctly to avoid delays or rejections. Several banks, including HDFC Bank and ICICI Bank, have informed their customers about same-day Cheque clearing starting October 4th.
The new system will be implemented in two phases.
The RBI stated that the new system will be implemented in two phases. The first phase will be implemented from October 4, 2025, to January 3, 2026, while the second phase will be implemented after January 3.
- RBI said that there will be a single presentation session in which the cheques will have to be presented from 10 am to 4 pm.
- Under this scheme, the receiving bank must scan the Cheque and send it to the clearing house. The clearing house will then send an image of the Cheque to the paying bank.
- This will be followed by a confirmation session from 10:00 AM to 7:00 PM. The paying bank will then be required to provide a positive or negative confirmation on the Cheque.
- The important thing here is that every cheque will have an ‘item expiry time’, by which time the conformation is required.
Customers should use the Positive Pay system
Additionally, banks have urged customers to use the Positive Pay system to enhance security, which requires submitting key Cheque details in advance for verification. Account holders must provide the bank with the account number, Cheque number, date, amount, and beneficiary name at least 24 working hours before depositing Cheque exceeding ₹50,000.
Banks will verify these details when the Cheque is presented. If the information matches, the Cheque will be cleared; otherwise, the request will be rejected and the Cheque issuer will have to resubmit the details.
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