ICICI Bank Check Clearance: ICICI Bank is making changes to its check clearance system. Under the new rules, starting October 4th, all checks will be cleared within one day. This process will be based on continuous clearing and settlement, ensuring customers receive their funds immediately, within the same day…
If you have an account with ICICI Bank, this news could be very useful. ICICI Bank is making some changes to its rules for its customers. Let’s find out what changes are coming for account holders and when these changes will take effect.
Rules for check clearance will change
ICICI Bank is making changes to its check clearance system. This change is being implemented in accordance with RBI regulations, which require that check clearing will no longer be done in a batch system, but will instead adopt a continuous clearing and settlement process.
What will change?
Previously, checks for ICICI Bank account holders took 2-3 days to clear, but with the new rule in effect, all checks will be cleared within a single day. This will be especially beneficial for business owners.
When will this rule be implemented?
ICICI Bank is implementing this rule after Dussehra. According to the bank, starting October 4th, all checks will be cleared on the same day. The bank stated that there will now be only one presentation session for check clearing, running from 10 a.m. to 4 p.m. During this session, checks will be immediately scanned and sent to the clearing house. This will ensure customers receive their funds in their bank accounts on the same day.
ICICI Bank issued guidelines
Before this rule comes into effect, ICICI Bank has issued guidelines alerting customers. The bank informed account holders that starting October 4th, checks will be cleared on the same day, and they should maintain a sufficient balance in their accounts before depositing such checks. ICICI Bank also advised customers to use Positive Pay to avoid fraud.
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