RBI (File)
Cheque Clearance Rule: Starting today, Cheque clearing times at banks have been reduced. The Cheque will now be cleared the same day you deposit it, and the amount will be transferred to the account of the person concerned. According to the Reserve Bank of India's (RBI) new guidelines, starting October 4, 2025, it will be mandatory for all banks to clear Cheque within a single day. This will make Cheque payments faster and easier. Currently, Cheque take one to two days to clear.
Under the new system, starting October 4, Cheques deposited within a few hours will be cleared within a few hours. Many banks, including HDFC Bank and ICICI Bank, have informed their customers about this facility. Customers have been urged to maintain sufficient balance and fill in all Cheque details correctly to avoid Cheque bounces.
According to the RBI, the new system will be implemented in two phases. The first phase will run from October 4, 2025, to January 3, 2026, while the second phase will begin after January 3, 2026.
In this process, Cheques will be presented between 10:00 AM and 4:00 PM. The receiving bank will send an image of the Cheque to the clearing house. The clearing house image will then be sent to the paying bank. A confirmation session will then take place from 10:00 AM to 7:00 PM, during which the bank will provide a positive or negative response to the Cheque. Each Cheque will have an "item expiry time" within which a response must be submitted.
Banks have also urged customers to use the Positive Pay system to enhance security. Under this, Cheques of ₹50,000 or more must be submitted to the bank at least 24 hours before depositing them. The bank will verify these details upon presentation. If the details are correct, the Cheque will be cleared; else, the request will be rejected, and the cheque issuer will have to submit the details again.
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