All those holding old cheque books which have not been used for ages need to remove the dust and use it to get the requisite amount from their banks as Non CTS cheque books are going to be banned wef 01 January 2019.
CTS is the abbreviation of Cheque Truncated System, which in simple terms means stopping the physical transport of cheques midway. Instead, an electronic image is generated for transmission of the amount, thus truncating the journey of the cheque by the Clearing House.
SBI has taken a lead and has given a short time for its clients. The customers should encash any Non-CTS cheques before December 12, however, customers of other banks can encash before December 31 2018.
Every account holder must deposit their non-CTS cheques and cheque books in their respective branch and get new cheque leaves or books as per the new CTS 2010 standard. Remember, the new cheque books are free of cost.
Thus now is the time to apply for CTS 2010 compliant cheque book as at times one is holding on to cheque books which are not compliant. The CTS compliant cheue will have CTS 2010 marking on it as shown in adjacent image. Do remember to read 10 Points which will help to keep cheques safe here.
CTS is the abbreviation of Cheque Truncated System, which in simple terms means stopping the physical transport of cheques midway. Instead, an electronic image is generated for transmission of the amount, thus truncating the journey of the cheque by the Clearing House.
SBI has taken a lead and has given a short time for its clients. The customers should encash any Non-CTS cheques before December 12, however, customers of other banks can encash before December 31 2018.
Every account holder must deposit their non-CTS cheques and cheque books in their respective branch and get new cheque leaves or books as per the new CTS 2010 standard. Remember, the new cheque books are free of cost.
Thus now is the time to apply for CTS 2010 compliant cheque book as at times one is holding on to cheque books which are not compliant. The CTS compliant cheue will have CTS 2010 marking on it as shown in adjacent image. Do remember to read 10 Points which will help to keep cheques safe here.
