Is ICICI Bank Really Clearing Cheques on the Same Day Starting October 4?
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Synopsis
ICICI Bank is set to revolutionize the cheque clearing process by implementing same-day clearance starting October 4. This significant change aims to improve customer experience and aligns with RBI's new regulations. Discover how this update will enhance banking efficiency and what you need to know to avoid cheque rejections.
Key Takeaways
- ICICI Bank will clear cheques on the same day from October 4.
- Cheques will be credited within one working day.
- Aligns with RBI's new cheque clearing regulations.
- Customers must use Positive Pay for high-value cheques.
- Double-check all cheque details to prevent rejections.
New Delhi, Sep 23 (NationPress) ICICI Bank has introduced a significant update to its cheque processing protocol, designed to lessen waiting times and enhance customer satisfaction. Starting from October 4, cheques submitted at any bank branch will be cleared and credited to accounts within one business day, as stated on the bank's official site.
This initiative aligns with the Reserve Bank of India's (RBI) updated cheque clearing framework, which focuses on speeding up settlements. The old batch-processing method will be substituted with a new system that enables cheque clearance within hours of submission.
Banks currently utilize the Cheque Truncation System (CTS), which transmits an electronic image of the cheque and its information to the drawee bank. This eliminates the need for physical cheque transfers; however, deposits made via drop boxes or ATMs typically take two business days for settlement.
Moreover, ICICI Bank has highlighted the importance of its Positive Pay service, which adds an extra layer of security for high-value cheques.
To prevent fraud, customers can electronically pre-verify critical details before issuing cheques exceeding Rs 50,000. For cheques amounting to more than Rs 5 lakh, using the Positive Pay feature is mandatory; otherwise, such cheques will be returned. The RBI's dispute resolution process will only be applicable to cheques verified through Positive Pay.
In its directive issued in August 2025, the RBI stated that batch clearing will transition to continuous clearing and settlement. Phase 1 is set to commence on October 4, 2025, followed by Phase 2 on January 3, 2026. Cheque presentations will be allowed during a single daily session from 10:00 am to 4:00 pm.
Customers are encouraged to double-check all cheque details to prevent rejection. The amounts in words and figures must correspond, the date must be valid, and there should be no overwriting in the payee’s name or amount. The drawer’s signature should also match the bank’s records.
Point of View
ICICI Bank's initiative to expedite cheque clearance represents a significant step forward in enhancing customer service and aligns with the RBI's vision for a more efficient banking system. As this change unfolds, it’s crucial for customers to stay informed and proactive to fully benefit from these advancements.
NationPress
23/09/2025
Frequently Asked Questions
When will the new cheque clearing process start?
The new cheque clearing process will commence on October 4.
How long will it take for cheques to clear?
Cheques submitted will be cleared and credited to accounts within one working day.
What is the Positive Pay feature?
Positive Pay is a security feature that allows customers to pre-confirm details for cheques above Rs 50,000.
What happens if I don’t use Positive Pay for high-value cheques?
If Positive Pay is not used for cheques over Rs 5 lakh, those cheques will be returned.
What should I check before issuing a cheque?
Ensure that the cheque details like amount in words and figures, date, and signature are accurate to avoid rejection.
