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Best Wishes!!

Anand

Tuesday, May 15, 2012

Cheque Clearing & Collection by Banks


In one of the older posts titled Using a Bank Cheque we had taken a look at what a Cheque is, how to issue a cheque and the things to remember when we use one. There is one area that we did not touch "Cheque Collection & Clearing" in that article. One of our blog readers even has left a comment on the same in that post. So, the purpose of this article is to explain how the Cheque clearing & collection works along with a lot of other details.

Before we proceed with the Cheque collection & clearing part, let us take a look at the types of cheques we can use

Local Cheques - These are cheques whereby the cheque issuer and the receiver reside in the same city

Outstation Cheques - These are cheques whereby the cheque issuer and receiver reside in different cities

How Does Cheque Clearing & Collection Works?

Lets say I owe you Rs. 10,000/- and give you a cheque drawn on my bank account (ICICI). Let us see the sequence of events

1. I hand over the cheque worth Rs. 10,000/- drawn on ICICI Bank to you
2. You take it to your bank (lets say HDFC) and deposit it into your bank account
3. HDFC Processes the cheque and sends a request to ICICI for payment
4. If I have enough funds in my account, ICICI will process the payment and release the funds to HDFC Bank
5. HDFC Bank processes the payment and credits the funds into your bank account

The above is a simple illustration of how this whole Cheque Collection & Clearing mechanism works. If you had an ICICI Bank account too, this whole process would be much faster because, step 3 is not required at all. The bank will just check if you have enough funds in your account and if so, move the money into the payee's bank account.

Cheque Clearing & Collection Timelines

In the previous section, in Step 3 - HDFC Bank sends a request to ICICI Bank for payment and in Step 4 ICICI releases the funds to HDFC Bank. However, this step is the one that takes the most time. Banks have a predetermined service standards on how much time they can take to process cheques issued/deposited by customers. This depends on various scenarios like, whether both parties have a bank account with the same bank or whether it is a local or outstation cheque and so on...

The Guidelines as set by RBI are:

Local Cheques - All Local Cheques must be cleared on a T+1 basis. i.e., If I Deposit a local cheque into my bank account today (irrespective of which bank the cheque is drawn or deposited) the funds must reach my account by End-Of-Day Tomorrow. Of course, this is only if the deposit happened before the cut-off time for today.

For ex: Lets say ICICI Bank has a cut of time of 1:00 PM. So, all cheques deposited after 1:00 PM the previous day and those deposited before 1:00 PM today are processed in one batch and sent for payment. If you deposit your cheque after 1:00 PM, it will be processed only tomorrow and funds will be available one day after that.

Outstation Cheques - Processing of Outstation Cheques depends on what location the drawn bank is situation.

Banks in State Capitals - Max 7 days
Banks in Major Cities - Max 10 days
Banks in Other Locations - Max 14 days

Go back to the example a few paragraphs away where I gave you a cheque. Here, lets do a small change. Lets say you live in Delhi and I am giving you a cheque. If I lived in Chennai, you will get the money in a maximum of 7 days. Whereas, if I lived in a Major city of TamilNadu say Trichy or Madurai you will get the money in 10 days max and if I lived in an area like Thirumalaisamudram in Tanjore, it will take up to 14 days.

Did Thirumalaisamudram catch you off guard? That is the village in Tanjore, Tamil Nadu where I did my college. So, just used it for example :-)

Cheque Clearing & Collection Fees

Local Cheque collection charges are decided by the concerned bank from time to time and communicated to customer as part of the Code of Bank’s Commitment to Customers. However, these days most banks dont charge any fee on local cheque collection.

In case of Outstation Cheques, all banks charge a fee. Go back to the example where I lived in various parts of Tamil Nadu and gave you a cheque... In such cases, RBI has set up guidelines on the maximum fee banks can charge you depending on the cheque amount.

* Up to and including Rs.5000 – Rs.25 per instrument + service tax
* Above Rs.5000 and Up to and including Rs. 10,000 – not exceeding Rs. 50 per instrument+ service tax
* Above Rs. 10,000 and up to and including Rs. 1, 00,000 – not exceeding Rs. 100 per instrument + service tax
* Rs.1, 00,001 and above – left to the banks to decide. You need to check your banks oustation cheque collection policy & fees document to find out the fee. However, RBI has recently asked Banks in a recent circular to reconsider their charges & Reduce them. There is not much clarity on how much banks will reduce these fees but they will be reducing it soon.

No additional charges such as courier charges, out of pocket expenses, etc., should be levied.

So, if you used an outstation cheque and were charged a fee that is more than the amounts above, you have the right to question your bank.

Trivia:
Are you saying, Anand, where in the hell am I gonna find the cheque collection policy of my bank? - Relax my dear friend, All you gotta do is Click Here and you will go the Reserve Bank of India page that gives you a bank-wise list of policies. RBI Mandates that all banks maintain this policy on their website and this RBI Page links you to the policy of all the banks in India.

Happy Using Cheques!!!

159 comments:

  1. HI Ananad
    I deposited cheuqe from ICICI Bank favoring to SBI Home loan account at SBI Branch on 29th December. Money got debited at ICICI Bank yesterday i.e. on Saturday 02.01.2016. I got SMS and also confirmed through ICICI netbanking.
    However still the money has not got yet credited in my SBI Home loan account. I checked through SBI online banking. My presumption is that when money gets debited from one bank account it should get credited to another bank's account immediately. Why the amount still not got credited in my SBI home loan account? Would there be any issue?
    Please advice.
    Thanks

    ReplyDelete
    Replies
    1. Usually it takes 1-2 working days for the money to be credited in the destination account. It is not instantaneous.

      Delete
  2. hello sir.
    i receive a cheque in foreign currency from united states. can i transfer the money to my sbi account? and how long will it take? please tell me the procedure as well. i will be thankfull to you.

    ReplyDelete
    Replies
    1. Yes you can. Just deposit the cheque in your bank. You will get the money in around 2-3 weeks

      Delete
  3. Hi Anand,
    SBI Faizabad(U.P) issued a Banker's cheque on my name that i had to use in Pune (Maharastra) to clear my car loan. Pune SBI told me that they cant encash the cheque as inter state clearance is not possible. Then i went to HDFC Bank today(8th jan 2016) and they assured me that they will try to get the clearance and deposit the amount in my HDFC saving account. Could you please let me know if this is possible or HDFC will also return me the cheque after few days with same argument that clearence of Banker's cheque in other state is not possible? Please Help.
    Warm Regards,
    Siddhartha

    ReplyDelete
    Replies
    1. Hi - I am not aware of such branch restrictions for Bankers cheques. Anyways, wait for HDFC to come back.

      Delete
  4. Hi Anand . A DD was drwan in SBi on 6jan.And I have account in andhra bank .I deposited the DD on 6 Jan . when it is going to clear . please answer and is there any number to trace

    ReplyDelete
    Replies
    1. DD usually takes 2-3 working days from the date of deposit

      Delete
  5. Anand sir ,please clear my questions..Is there any number to contact SBI...

    ReplyDelete
    Replies
    1. Call up SBI customer care. You can get their number from their website

      Delete
    2. This comment has been removed by the author.

      Delete
    3. If you deposit your cheque on 11th, it means the bank of baroda would have picked up your cheque only on 12th and sent to axis bank. the usual clearing time is 2-3 working days from the date cheque is picked up for clearance.

      Delete
  6. I have a Bank of Baroda cheque. My account is in sbi. But now I am out of station. so can I drop the cheque in my nearest sbi branch?

    ReplyDelete
    Replies
    1. Yes sure, I dont think this will be a problem

      Delete
  7. Hi Anand .are banks directly transfer money to the benificiery directly for other banks DDs or to the branches where they deposited???

    ReplyDelete
    Replies
    1. Sorry, am not able to understand the Q clearly. Can you help elaborate on the question?

      Delete
  8. Hi anand... I came across this blog of urs while i was searching 4 desperate help.. Here s my prob.. I am about to return a faulty prod to amazon.. And they say they wil make a refund by deutsche bank cheques.. I am from madurai.. I dont have any idea about clearing tat cheque here.. And will d cheque contain my amazon account name? Coz tats my nick name i have provided in my amazon account..will ter be any identity prob wen i clear my cheque here?

    ReplyDelete
    Replies
    1. Before they issue a cheque they will ask for the name to issue the cheque to. So, dont worry about the name.

      Most cheques these days are usable across the country in any city. so, dont worry

      Delete
  9. Hi Anand
    I have a query , that couple of months i have filled the form of Noida Athority Housing scheme with my mothers name and i paid the amount from my account . Now i got the refund in form of a cheque which is Account payable and has my Mothers name on it but Account number is mine . How to cash that cheque Please help

    Regards
    Kaushal

    ReplyDelete
    Replies
    1. I dont think you can cash it. If the account name and number dont match, the bank wont credit it. Ask the noida authority housing to re-issue another cheque with your name for this account number or give them ur mothers acc number

      Delete
  10. Am Vinod... I deposited 2 corporation bank cheques worth 13 lakh and 2 lakh to my Vijaya bank Bangalore account,corp bank branch is also Bangalore,wat is the tat required for payment to happen for my Acc? And will I be charged any tax?

    ReplyDelete
    Replies
    1. If you have submitted your PAN Card info, the Bank would just credit the money to your account and pass on the info to the Tax Officials so they can verify when you file your tax returns.

      As far as I know, there is no tax for cheque processing

      Delete
  11. I have cheque of Bank of Maharashtra and I presented it in ICICI bank of same city. But my home branch is in other city. However I got sms that cheque is not presented for clearance and returned it to my communication address. What will be the possible problem?

    ReplyDelete
    Replies
    1. Pls wait for the letter and the cheque to reach you. The bank will usually specify the rejection reason along with the returned cheque

      Delete
  12. Hi ANAND
    I have a UCO bank Araria bihar check & MY SBI ACCOUNT IN DELHI.i deposit UCO bank check into SBI Araria branch.how many days bank take to credit the amount in my SBI acount.

    ReplyDelete
  13. Just came across your blog. Absolutely love your systematic and point-wise method of explaining things. Suits me to a T. My query: Five months ago my 86 year old mother was given a cheque for Rs 1 lakh. I mention the amount because it was no petty sum. She deposited it into her SBI saving account and noted that it had been credited. Thanked the giver profusely. Last week the giver was going over her own bank account, noted that something was wrong and contacted my mother. On rechecking, my mother discovered that the entry had been reversed, something she hadn't noticed. It is thanks to the decency of the giver that this was discovered. SBI neither returned the cheque to my mother, nor informed her in any way. I wish to take this up with SBI very seriously and push for punitive action against their personnel. Please guide me. Kindly note, the issue is not regarding getting the money. That will come for sure. Its regarding the SBI's carelessness and inefficiency. Secondly, kindly explain this funny system: how can a bank credit you the amount when its not actually come in? I am PSingh but its only allowing me to be Anonymous?

    ReplyDelete
    Replies
    1. As step 1 you can contact customer service and if they dont respond in a satisfactory manner, you can contact the grievance redressal department of SBI. If neither works, you can contact the Banking Ombudsman

      Delete
  14. Hello sir, I received cheque issued from Deutsche Bank and my name is Bhuvnesh Kumar Gupta and name on cheque is only Bhuvnesh Kumar. Is there any problem to cash that cheque? And I have account in Punjab National Bank in my hometown. Can I cash that cheque in another city Punjab National Bank in Jaipur??

    ReplyDelete
    Replies
    1. I think the cheque should be ok since the name is almost correct. Anyways, check with your bank to confirm.

      yes, you should be able to deposit it in any branch of PNB

      Delete
  15. Hello Sir,I had deposited a cheque(my cheque from canara bank) at my post office saving a/c on 18/02/16. Wanted to transfer money.They told me it would take five days,the amt. Is debited from canara a/c, but has not reached P.O a/c till date..
    What could be the problem ?
    They also took a sign at the back of my check,is that ok ?

    ReplyDelete
    Replies
    1. Signing in the back is not a problem and usually it takes 1-2 working days to get money in the target acc after it is debited from the source.

      Delete
  16. hi sir as one of my friend sended me money via western union when i visited western union office they told as d sender is a foreigner so i willnt get amt into cash so they issued me a cheque of sbi. i submitted this cheque in my account of sbi which is not my home branch cheque were submitted by me in friday now its sunday i didnt get any information sir how many day will tyk for converting into cash :-)

    ReplyDelete
    Replies
    1. Around 3-4 working days. You should have gotten the money by now.

      Delete
  17. Hey anand, recently I got axis bank cheque from my employer. I have UBI account but here I don't have branch near for me. So I decided to put my cheque into my friend account. It's possible because it was crossed.

    ReplyDelete
    Replies
    1. No, you cannot. You can open an account in any bank near you and then deposit there.

      Delete
  18. Sir ,

    I have dropped an uncrossed checked in the SBI bank drop box with my name and my sccount details on the slip, will this cheque be cleared in my bank account?

    ReplyDelete
  19. Hi I had a cheque of 7 lacs issued by post office Kanpur drawn on SBI Kanpur.

    I deposited the cheque to my Post Office accoun in Kharghar who in turn send the cheque to SBI panvel.
    SBI panvel received the cheque on 13 April but delayed sending it to SBI Kanpur.
    Now the cheque expired on 23rd April. It is yet to reach SBI Kanpur.
    Will the cheque be dishonoured as 3 months got over on 23rd April.

    ReplyDelete
    Replies
    1. You can request Post office Kanpur to re-issue a cheque citing the delays by SBI. However, if a cheque expired on 23 April, you should have deposited it at least 3-4 weeks prior to expiry date. Usually such cheques take at least 1-2 weeks to process and the bank will probably claim ignorance for the error

      Delete
  20. Hi, I got one cheque from my nearby post office in kolkata, as one of my MIS matured, My name is Arijit Bhowmik, and I use the same in all places like bank, post office etc. But the post office did a mistake in the spelling of my name, they have written "Arijit Bhowmick" instade of "Arijit Bhowmik", As this is a govt. Cheque, is there any rule to cash it? As it is an government affair and also not my fault, pleaae let me know the easiest way to get rid of this problem.

    ReplyDelete
    Replies
    1. If the name on the cheque does not match your name as per bank records, the cheque will be rejected. So, the best option here is to contact the post office and highlight this error and ask them to re-issue a fresh cheque with correct name

      Delete
  21. hi sir,
    My boss gave me a multi city (at par) cheque of a SBI branch in bangalore. But my SBI home branch is andhra pradesh. can I deposit the cheque in any branches of SBI in bangalore??

    ReplyDelete
  22. Hi Anand, I got HDFC cheque from my company against my FNF settlement. I wanted this cheque to get cleared in my ICICI bank account so I mentioned all related details behind the cheque along with my contact details. But I had drooped this cheque in HDFC ATM drop box instead of ICICI. I did this on 28th April. I have not get the amount credited in my ICICI account so far. What should I do in this case? Where my cheque can be as I am unable to track it anywhere. Please suggest

    ReplyDelete
    Replies
    1. Firstly you should have put your cheque in an ICICI drop box not HDFC. Most probably the cheque will be held in one of HDFC's cheque clearing offices. Call up customer care of HDFC bank and explain the situation. They may be able to track the cheque.

      Alternately, ask your old employer to block/cancel the old cheque and issue a new one

      Delete
  23. Hi Anand sir this blog is realy benificial,i have a query because i am very new to this.. I just droped the Hdfc bank cheque issued by my office to my Union bank a/c but, my union bank a/c branch lies in delhi cantt where as i droped the cheque in gaziabad branch,so aftr how many days i would be abled to see the money in my a/c...also the bank person told me there was no requiremnt for filling the form for droping the cheque, He told me to write the a/c no on thr back side of the cheque i did so then...

    ReplyDelete
    Replies
    1. Usually it would take 3-4 working days. You should have gotten the money by now

      Delete
  24. I want to deposit a cheque in sbbj bank, can I drop the same in Sbi branch near me?

    ReplyDelete
    Replies
    1. No, I dont think so. You have to do SBBJ

      Delete
  25. Hi,Anand, I just want to know that if I gave a self cheque to a person and it bounces can he claim over me.

    ReplyDelete
    Replies
    1. You cannot give a self cheque to a 3rd party. It has to be a bearer/payee cheque.

      Anyways, if a cheque bounces, yes the person who gave the cheque is liable to either reissue fresh payment or face legal consequences

      Delete
  26. Hi anand ! I will be getting a check for an internship that I have completed. However Idont have a bank account. Will the bank be able to give me in cash once I give them the cheque issued on my name ?

    ReplyDelete
    Replies
    1. If it is an account payee cheque then the bank will not give you cash. I would suggest you open a bank account to make things easier

      Delete
  27. Hey I need help.. I am in Hyderabad. I got a cheque from Deutsche bank but there's no branch of that bank in my city. I've account in BOB(Bank of Baroda). So, can I deposit this cheque in Bob.?

    ReplyDelete
  28. Sir, I had deposited a RBS (Royal Bank of Scotland), New Delhi cheque of Rs.72830 into my HDFC Account in Guwahati on 8th July. Today, on 11th July, I got an SMS that the Cheque is deposited to my account but the clear balance remained same. When I checked my HDFC netbanking, its showing available balance totalling Rs.72830 with my previous balance. But in clear balance it is not reflecting. Kindly let me know why it has happened. Thanks in advance.

    ReplyDelete
    Replies
    1. there is a slight lag in terms of funds being cleared by the payee bank and money actually reaching your bank account. Usually it is 1 day or lesser. Hope you got the money already

      Delete
  29. Sir I received a cheque of Rs 7000 from sbi hyderbad ..but my home branch is in nagpur ..Can i deposit it in sbi hyderabad .Or i have to deposit in my home branch itself

    ReplyDelete
  30. Hello Anand, Not sure if you received my query. It is about a returned cheque by SBI. Post office issued a cheque to me (it`s from premature closure of MIS account). It is a SBI cheque, I submitted it to ICICI NRO account, but the cheque was returned with no specific reason - just stating "contact Drawer/Drawee bank". Could you please advise what should I do next? Thank you in advance for your valued advice.

    ReplyDelete
    Replies
    1. Hi, is the name on the cheque and name per bank records the same? is the cheque valid? usually cheques expire after 3 months and are invalid.

      Anyways, you can contact the post office and find out what went wrong with the cheque.

      Delete
  31. Sir actually I have a one lakh rupee dd and I had deposited in my SBI bank but due to some correction in my name my dd was returned and I had opened another account with that name as like as on my dd and deposits there is there any issue for clearing that dd?

    ReplyDelete
    Replies
    1. if the name per the acc and the DD matches there should be no problems in clearing the DD but opening a new account with a different name just to process a DD is illegal. you should have asked the DD issuer to correct the name on the DD and deposit in your correct account

      Delete
  32. Hii...sir I have got a cheque from my previous company in full settlement of Deutsche bank delhi branch & I have putted that cheque in my home branch Uco bank shimla on 19 aug...so how many days will take to get credited in my account....???plz do ans my query sir

    ReplyDelete
  33. hey i have two queries,
    1) suppose, i have a cheque of pnb delhi and my account is in pnb meerut, can i deposit dat cheque in pnb faridabad.how much tym will it take to get cleared..ant extra charges

    ReplyDelete
    Replies
    1. Yes you can deposit, it will take 2-3 days and as far as I know, there should be no charges

      Delete
  34. Sir i have got a cheque from my previous company in full settlement of Deutsche bank delhi branch & I have putted that cheque in my home branch account of Uco bank in Shimla on 19 aug...so I wanted to know how much time will it take to get credited in my account?????

    ReplyDelete
  35. I received a cheque with only my first name... but my name in my a/c is rovin baptist pushparaj.... is it possible to encash it ?

    ReplyDelete
    Replies
    1. I doubt it because so many different people could have name as rovin XXXXX and this cheque could belong to that person isnt it?

      You can check with your bank and if they refuse you can ask the cheque issuer to give you a fresh cheque with your full name

      Delete
  36. I have issued a axis bank at par chq bangalore to kotak bank noida ,its out station but how long it will take to debit money from my account to their acount

    ReplyDelete
    Replies
    1. It should take about 2 working days for money to be debited from your account (after they deposit) and another 1 working day for money to reach their account.

      Delete
  37. Someone issued me uco bank cheque in my name but i have account in sbi.can i go to uco bank and do neft to my sbi account?

    ReplyDelete
    Replies
    1. No. Go to sbi and deposit the cheque. You cannot go to uco bank because you dont have an acc there

      Delete
  38. hello,

    I have issued a TMB cheque of 1 lakh rupees, but still now the cheque has been not deposited, as of now i have 75k in my account and the balance 25k i will be depositing tomorrow morning..my doubt is if the beneficiary(his bank is Bank of baroda)deposi the cheque tomorrow morning when it will comes to clearing..and i will deposit the amount by tomorrow morning, in this sequence anything harm cause to me..quite confused...pls advice

    ReplyDelete
    Replies
    1. Hi - firstly, issuing a cheque without sufficient balance in the account is illegal. That being said, usually inter-bank cheques take 1-2 days before it is presented for payment. So, i think in this case you should be ok.

      Delete
  39. Sir plz help me. One of my friend take some money from me and give a non-cts cheque as a gurantee. Now he is not returning my money what can i do. Non-cts cheque of sbi is valid or not. plz seggest me what have to do now.

    ReplyDelete
    Replies
    1. Non CTS cheque are not valid any more. So, you can ask your friend to give you the money back or give you a fresh CTS cheque

      Delete
  40. Sir,I have a check of 5000/- of SBI......I don't have any bank account.......how can I draw check to cash instantly.......pls help me fast.....

    ReplyDelete
    Replies
    1. Is it an Account Payee cheque? if so, you cannot cash it without a bank account.

      If it is a Bearer cheque, you can show ID proof in any SBI branch to prove that you are the person whose name is written on the cheque and get the money

      Delete
  41. Hi,
    I have a cheque given by post office in my mom's name but she doesn't have a bank account. My dad has deposited that cheque in my sbi branch and has filled my account details in the cheque deposit form. Is it okay, and will the cheque be cleared without any hassles?
    The back side of the cheque is blank only the cheque and cheque deposit slip with my account details are deposited in the sbi branch. Is there any issue regarding or it's fine.

    ReplyDelete
    Replies
    1. No, the cheque will be rejected because it is in ur mothers name and the acc belongs to you.

      Delete
  42. Hi sir I have query related check clearing. I gave HDFC check to India bulls to claim my EMI against home loan. But due to technical reason HDFC not cleared the check. But when I saw my HDFC statement it was mentioned like drawers signature variation. So not cleared. But I am having problem of inconsistent signature. So it varies slightly from sign to sign. And it is almost matching according my sign in account. Bit now HDFC has rejected. What should I do in this case. And whenever I sign it looks almost same and due to some extra curve or some minor variation they create problem. Kindly advise me.

    ReplyDelete
    Replies
    1. Usually banks do allow a slight degree of variation between old and new signatures as it is very difficult to have a perfect signature each time. You need to contact hdfc bank and understand this variation limits and keep your signature matching. Banks rejecting cheques due to signature mismatch is a precaution they take to ensure someone else isn't impersonating you

      Delete
  43. Hi... I have an important question. I have been given an account payee check by my company. I have deposited it in my bank, but its not yet cleared, and since then, due to unavoidable circumstancese have not been able to go to work! Now my employer is warning me, that he will stop my cheque! Is that even possible?

    ReplyDelete
    Replies
    1. If a cheque is yet to be cleared, yes it is possible to stop payment on the same

      Delete
  44. Hi sir, i had a cheque given by institute now i dont like that institute so i filed complaint against the cheque in my home branch they stopped the payment of the cheque, and my account has low balance, please advise me

    ReplyDelete
    Replies
    1. If you issue stop payment for a cheque to someone who you need to pay money, you need to be prepared to face the consequences if they file police complaint against you. for a stopped cheque bank will not deduct the amount from your account

      Delete
  45. hi m having salary A/c of HDFC bank. I got two ICICI bank cheques from my employer which i have deposited in one of the HDFC bank branch but unfortunately i have mentioned wrong A/c number which is not valid.please suggest how i will get back my cheques and from whom.

    ReplyDelete
    Replies
    1. Call the bank customer service and request them to stop payment and return the cheque. usually if the account holder name and cheque name don't match the payment does not happen.

      Delete
  46. Hi Anand,
    Got a question for u..
    I got a check (<20000) from my office which of Yes bank(Delhi) where i dont have an account in that bank.
    I'm having an account in SBI(Andhrapradesh)branch so if i deposit the check in SBI(Delhi)branch to my accouont, are there any charges or taxes to me..If so please let me know...

    ReplyDelete
    Replies
    1. Banks don't charge such fee these days. All cheques are CTS compatible and payable at par in all indian cities

      Delete
  47. I was just deposit my salary cheque in union bank of
    India at vashi navi mumbai branch on 5th december
    But still the cheque was nt clear. When i ask to my office he says amt will be deducted on company account but amt was nt credit on my account.... wht should i do..

    ReplyDelete
    Replies
    1. A cheque usually takes 2-3 working days to process and the deposit is not instantaneous. Money needs to reach your icici bank and only then you will get the money. usually it is credited on the next day after money is deducted from the paying account

      Delete
  48. M getting cheques of Indian bank from B'lore company. can I deposit to my Account in ICICI Pune branch. The amount is below 15000/- how much it 'll deduct due to outstation. Pls reply

    ReplyDelete
    Replies
    1. Banks don't charge such fee these days. All cheques are CTS compatible and payable at par in all indian cities

      Delete
  49. I have deposited a sbi cheque by post office for maturation of my rd to my vijaya bank account on 3rd december.The sbi is itanagar branch and vijaya psg branch..How long will it take for the cheque to get cleared?The name on both are same and correct

    ReplyDelete
    Replies
    1. usually 3-4 working days is enough for such transactions

      Delete
  50. One of my relatives received a cheque of Rs x amount which is more than Rs 10k from Post Office. The cheque has no IFSC code.. He is depositing in UBI bank regularly but refused thrice. Does he need to open a savings bank account in Post Office to get the clearance??????

    ReplyDelete
    Replies
    1. If bank is refusing it means there is some problem in the cheque like the name is not correct or doesnt match with ur relative name or something else. If it is an account payee cheque then they will not give cash on hand. it has to be deposited into an account with the name matching with that in the cheque

      Delete
  51. Hi sir I have given kvb cheque for car loan closing which is in hdfc 19th DEC(yesterday) today morning i got message that your cheque amount .... Debited from Kvb and evening I got another message your cheque amount credited to your Kvb by clearing (Rej) HDFC bank ltd...please clarify this one sir

    ReplyDelete
    Replies
    1. sorry i dont understand the Q. what are you expecting me to clarify?

      Delete
  52. Sir, I got a cheque from Amazon.it is issued at Dutches bank Bangalore. I am at Kerala and I have account in Kerala gramin bank.how much time take to Clear my cheque

    ReplyDelete
    Replies
    1. If it is a cheque from a bank acc in India, it should clear in 2-3 working days. If it is a foreign cheque it may take around 10-14 days

      Delete
  53. Hi
    My one friend has deposited cheque of sbi bank to my account and his dad gets the sms alert of his transaction, he dont want his dad to know that he is sending me money. does the cheque clearance sms will contain my name as bearer account holder? please help me asap.

    ReplyDelete
    Replies
    1. Alerts are sent to the registered mobile number tagged to the bank acc owner.

      Delete
  54. i had deposited cheque through sbi for clearerance my cheque. 4 days have been elased.my amount was debited through cheque but not credited to beneficial account . i got a msg amount was debited. but amount is not credited on my benefial account .please tell me

    ReplyDelete
    Replies
    1. usually it takes 1-2 working days after it is debited from your bank acc for the money to reach your beneficiary acc

      Delete
  55. hi i have a cheque of Andhra bank and deposited with my sbi account at same state i.e Andhra pradesh and also same district.
    How much time take to Clear my cheque?

    ReplyDelete
  56. hi,
    I reached to yours blog via google, and its very helpful.
    I have received cheque by selling crop, the cheque is of Bank of Baroda Una, Gujarat state(pin code 362560),
    I have deposited on 29/12/2016 in my SBI Bank (Branch code-60041)jafrabad Gujarat. which is different district from issue.
    now i want to know how much time Sbi branch will take to clear this cheque. its being 12 days i have deposited the cheque.
    i am away from my village to go to branch and inquire. i have send my brother to inquire about the cheque but the person @ bank is not giving reason why its being delayed. normally how much time they take to clear the cheque.
    what is further procedure. please help!!!!!!

    ReplyDelete
    Replies
    1. contact the company that gave you the cheque and ask why the cheque is being delayed. 12 days is very long for a cheque to be processed.

      Delete
  57. Hi my friend has given a cheque from citi to central bank of mine is there any way to know cheque status by me please suggest

    ReplyDelete
    Replies
    1. If you have cheque number you can ask your friend to contact his bank to find status

      Delete
  58. My a.c. in canera bank hapur uttar pradesh.I got a cheque of yes bank branch at ghaziabad Uttar Pradesh but I deposit it at ghaziabad Canara bank branch on 17.1.2017 but still not cleared.pls help

    ReplyDelete
    Replies
    1. Clearing time is usually 2-3 working days. You should have gotten the money by now. Else, contact the person who gave you the cheque to contact his bank to find out why the delay

      Delete
  59. I have received an acc payee cheque from SBH Hyderabad and I deposited in Andhra bank in another district .may I know how many days it take for clearance

    January 29, 2017 at 7:26 PM

    ReplyDelete
  60. Hi Anand I have recieved a a/c payee cheque of andhrabank(HYD) from my current company. I wanted to transfer it to my axis account(HYD). the problem is can i deposit those amount to the branch where i have account . or annywhere in hyd

    ReplyDelete
    Replies
    1. Yes you can as long as the name in your account and the cheque match.

      Delete
  61. Hi , I have got SMB cheque from postoffice for NSC maturity amount .I have dropped the cheque to my SBI account but I got SMS as cheque is returned with reason as " 05 Kindly contact Drawer/Drawee Bank and please present again." and deducted charges also.
    This cheque is not returned to me even after visting the SBI branch for 5 times in time of 14 days and again i get SMS for cheque return and deduction.

    I contacted Post office they say to contact SBM and they claim SBI should not deduct the charges.
    SBI is not yet returning my cheque and took a letter from me explaining my problem , but they say the charges should be returned by Postoffice.
    There is no fault from my side but i have under went all this , kindly guide me.

    ReplyDelete
    Replies
    1. Usually when a cheque bounces banks do charge fees for the trouble they go through. Has SMB issued a new cheque to you? was the cheque name and information correct?

      Delete
  62. Hello Sir,

    I have sumbmiiited DD drawn from CITI bank to my ICICI bank account on saturday. How much time does ICICI take to clear the same? when can i expect the amount to be credited.

    Thanks,
    Sachin

    ReplyDelete
    Replies
    1. Interbank cheques take around 3 working days to process. So you can expect money by wednesday or thursday. saturday & sunday are not working day and doesn't count.

      Delete
    2. Hi, I issued a cheque from kotak bank to axis bank on 14th feb, I received a message from Kotak bank that the money has been debited from Kotak, but the same has not been credited to Axis bank. When i checked the statement in Kotak, I see that the beneficiary name is different. All the details on the cheque are correct but yet the money has gone to someone else. What should I do now??

      Thanks,
      Nithish Reddy

      Delete
    3. Talk to the person whom you issued the cheque to see if money was received.

      Questions: Did you cross the cheque before issuing? Did you fill up the receivers proper/full name before giving?

      If you did both the points i put above and the money was not received then you can contact the bank to find out how money was paid out to a different person.

      Delete
    4. Everything on the cheque was perfect. I contacted the bank and I was informed that the representative working on clearing the cheque made a mistake due to his negligence. By the end of the day after complaining the bank, I received the money back.

      Delete
  63. Hello sir, I got an Canara Bank a/c payee cheque from my friend of Rs 20,000. I deposited that cheque in SBM (Bangalore) with filled receipt of account number.
    But my question is my SBM home branch is different and the place where I deposited my cheque is different but same bank. Will the cheque gets cleared? Pls answer me

    ReplyDelete
  64. I deposited my cheque in SBM(different branch) and I have an account in SBM in different branch. But both SBM branches are in same city. Will my cheque gets cleared??

    ReplyDelete
  65. hi anand i deposited a hdfc cheque in my canara bank account its a account payee cheque may i know when will be the cheque get cleared and there is a bank holiday tomorrow so how time will it take to process??

    ReplyDelete
    Replies
    1. bank holidays cannot be counted for clearance. usually it takes 2-3 working days

      Delete
  66. Sir I had a cc a/c in Indian overseas bank which was closed as no further overdraft was required. I had purchased some mutual fund on this a/c cheques.Now the mutual fund are sending me the dividends cheques on this closed a/c no. I am having a saving bank a/c in the same bank and operating for the last about 30 years. I requested the bank to entertain these cheques and the amount be transferred to mysaving bank a/c. Bank manager was accepting these cheques earlier and now he is refusing to accept in future. I have already written letters to concerned mutual fund for changing bank details but cheque are still coming on my CC A/c no.please let me know what bank can help me under the stated circumstances.

    ReplyDelete
    Replies
    1. Bank cannot help you here, you need to get the mutual fund house to change the acc number as you no longer have that account.

      Delete
  67. I paid my kid's school fee at federalbank through the bank counter using a cheque in the School 's name. But forgot to cross the cheque. Will the amount be credited to the school account itself. I deposited it 10 days back, but money is still not debited from my account.

    ReplyDelete
    Replies
    1. Since you say you put the schools name on the cheque, it should be ok. School accounts are not like individual accounts and hence they cannot get cash for a cheque. it would have to be deposited into their account

      Delete
  68. I have Bank of Baroda cheque with 80k and located in non local branch (warangal) and deposited in ICICI Bank in Hyderabd. How many day's will it take to clear the cheque?

    ReplyDelete
  69. Our sir deposited one cheque in my account but it was not credited even after 3 days and my account is in andhra bank and sir's account is in Indian bank....

    ReplyDelete
    Replies
    1. Did you count working days or calendar days? usually cheque clearing doesn't happen during weekends and public holidays. Count only mon-fri working days.

      it takes 3-4 working days on average for money to reach.

      Delete
  70. sir, I received two DD of Axis bank of rs 15000 from my college in the name of my father. In the middle of the DD it is written a/c payee only. I reside in Delhi and my father’s bank account is in SBI uttarakhand.
    I dropped the DD with payslip in SBI Delhi Dropbox writing my father's account no on the backside of DD and on payslip.
    Is the procedure followed right? How much time will it take to get the amount in the account

    Regards
    Pankaj singh

    ReplyDelete
    Replies
    1. It would have been a better idea to visit the sbi bank branch to deposit the DD but yes I think it should be ok. You should've gotten the money by now into your dads bank acc.

      Delete
  71. Hi,
    I have an PO MIS account in Hyderabad matured and closed. The amount is now in PO savings account. I wish to transfer the proceeds to my bank account.

    - They say there is a withdrawal limit of Rs 20k/day and I have few lakhs balance. Is there such a limit?
    - If I have cheque book for the PO savings account, can I use that cheque to deposit into my SBI account?
    - What other options do I have?

    Thanks for your help!

    ReplyDelete
    Replies
    1. As far as I know, savings account from post office are very much like regular bank accounts and come with cheque & atm card facility. So, yes you can use the cheque to move the money to your sbi acc.

      And, no, i have not heard of this 20k per day limit for a saving account. Maybe its because of cash shortage post demonetisation or something similar but banks cannot just say no to a customer who wants to withdraw his/her money

      Delete
  72. I have received a cheque of axis bank in Bangalore in my dad's name.My dad has an account in Canara bank in U.P. Can the cheque be credited to my dad's account from here( Blr)?

    ReplyDelete
    Replies
    1. If its canara bank then yes the branch doesn't matter. It can be deposited anywhere across the country

      Delete
  73. Sir,i got a bankers cheque in my name from a deceased account of my relative in sbi but I don't have account in sbi.can I get money in another bank i.e., grameena bank where I have the account? Amount is 11k

    ReplyDelete
  74. Hi Anand,
    I have a query - I have received one cheque from Post Office savings a/c, which is located in Lucknow. I deposited this in my HDFC a/c in Hyderabad. Its 3 working days over but still amount not credited. Do you have any idea generally how much time it takes for such cases?
    Thanks

    ReplyDelete
    Replies
    1. post office cheques may take a little bit longer than regular bank cheques. You should have gotten the amount by now.

      Delete
  75. i have account in union bank of india. i recieved account payee only cheque of axis bank. can my friend deposite that cheque in my union bank account. i forgot to signature on cheque.

    ReplyDelete
    Replies
    1. If you received a cheque, you don't need to sign on it. It can be deposited without the receivers signature. The issuers signature is important for a cheque. If you are giving a cheque to your friend without signature it is invalid & useless. It will not be processed by the bank

      Delete

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