What does non CTS cheque means?
A book containing non-CTS cheque leaves is known as a non-CTS cheque book. These types of cheque leaf do not contain any watermark, IFSC code or branch name. These cheques also do not have magnetic ink. As per the guidelines of RBI, a person with a non-CTS cheque will not be able to transfer money since there is a higher risk of forgery. Most banks stopped clearing Non-CTs cheques from January 1, 2019. So, in case you have a non-CTS cheque book, you should get it replaced by your banker. Any cheque books which do not contain a CTS-2010 cheque leaf, are known as non-CTS cheque books. CTS 2010 is reliable and the transaction is smoother and quicker. RBI has also enhanced the security and efficiency of the present CTS system which is a plus sign. You can use the CTS method to transfer money electronically which is a hassle-free process. This was all about non CTS cheque meaning in a nutshell. I hope this was helpful. Read more: What is CTS cheque? How to Apply for cheque Book in SBI? How Long Does it Take for a cheque to Clear? How to Do RTGS Without cheque?
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You must have also been informed that you will not be able to accept payments made using non-CTS cheques from other banks. And in this case, you have been requested to exchange your non-CTS cheque book for the new, complimentary CTS-2010 standard chequebook. So let’s dig in deep to know if non CTS cheque valid or not.
Get a home loan from NoBroker at very affordable interest rates.What is non CTS cheque clearing?
The Cheque Truncation System (CTS), which is now active at the major clearing houses of the country, would be made operational throughout India by September 2020, according to the Reserve Bank of India (RBI). It is announced in its Statement on Developmental and Regulatory Policies. Your cheques won't be cleared by the banks after that if you are still using a chequebook that isn't CTS. The non CTS instrument returned as per request will be considered lawful.
Non CTS cheques are valid till January 1, 2019, and the majority of banks have already ceased clearing checks that are not CTS. It is best to get a new chequebook from your banker if you are still using a non-CTS chequebook. Chequebooks are referred to as non-CTS chequebooks if they do not have CTS-2010 cheque leaves. You can get in touch with your bank if non CTS cheque bounce.
What is non CTS full form?
The non Cheque Truncation System is a full form and CTS helps in quicker clearing of the cheques in the banking records. The clearance process requires little time and is also reasonably priced. Cheque truncation involves stopping the actual instrument's motion and replacing it with electronic images and the related MICR line.
You must have understood if non CTS cheque valid or not.
Pay all your utility bills via NoBroker to get exciting cashback. Read More: What is the difference between CTS and non CTS cheque? What is non CTS cheque? How to apply for cheque book in SBI?
What is Non CTS cheque?
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2022-08-23T10:43:21+00:00 2023-02-20T13:05:29+00:00Comment
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