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Cheque Collection Policy

CTBC is a sub-member of Standard Chartered Bank (SCB) and all the normal clearing and outstation cheques are being routed through SCB. We are however RTGS/NEFT enabled and all inter-bank transactions can only be routed through RTGS, RBI Mumbai.

Local Clearing:
Cheques received from customers payable at New Delhi are presented in normal clearing and the credit to the account is provided on realization. All cheques and other negotiable instruments payable locally would be presented through the New Delhi clearing system. Cheques deposited at branch counters within the branch premises before the specified cut off time will be presented for clearing on the same day. The applicable cut off timings is displayed on the branch Notice Board and bank website for the benefit of customers. Cheques deposited after the cut off time will be presented in the next clearing cycle. Credit is provided to the customer account on the same day or maximum by the subsequent working day, from the time clearing settlement takes place.

Outstation Cheque clearing:
These are cheques that are drawn on other banks and payable at any location within India, outside New Delhi. The instrument would be directly sent for collection by CTBC to the drawee bank or collected through a correspondent bank. Credit is provided to customer only on realization of proceeds from the drawee bank. Collection charges are applicable as per Traiff of the bank.

Foreign Currency Cheque Collection:
These are cheques which are drawn in foreign currency and payable overseas. These cheques are sent on collection through the bank’s overseas correspondent banks and the funds are credited to customer only after realization of proceeds. Collection charges are applicable as per Tariff of the bank.

Foreign currency cheque/instrument sent for collection to the Payee bank through Correspondent Bank located outside India can be returned by the Payee bank even after crediting the proceeds to depositor’s account after cooling period, for whatsoever reason including but not limited to "insufficient funds", "account closed", fraudulent cheque" etc as per prevailing clearing rules / laws related to cheque collection in drawee countries. In case of such cheque returns, the Payee bank recovers the amount of returned cheque, thus credited earlier, by debiting the CTBC’s Nostro account. CTBC has the right to debit the depositor’s account to the extent of returned cheque amount immediately (at the prevailing exchange rate) along with charges and interest at overdue rate from the date of credit of proceeds till the date on which amount is recovered from the depositor.

Issue of Duplicate Demand Draft:
The Bank will issue duplicate demand draft, in lieu of lost draft, up to and including Rs. 5,000/- to the purchaser on the basis of adequate indemnity and without insistence on seeking non-payment advice from the drawee office. The Bank will issue duplicate demand draft to the customer within a fortnight from the date of receipt of the request. In case of delay beyond this period, the Bank will pay interest at the rate applicable for fixed deposit of corresponding maturity in order to compensate the customer. The period of fortnight prescribed would be applicable only in cases where the request for duplicate demand draft is made by the purchaser or the beneficiary and will not be applicable in the case of drafts endorsed to third parties.

Indicative Time Period for Realisation and Credit of Cheque Collection proceeds:

Clearing TypeDescriptionIndicative Period for Realisation of Funds
Local Cheques Cheques Drawn on Delhi/NCR & Chennai 2 working days
Outstation Cheques Cheques drawn on State Capitals 7 working days
  Cheques payable at Major Cities 10 working days
  Other locations 14 working days
Foreign Currency Cheques Cheques drawan in USD/GBP/EUR/JPY and payable in respective countries and territories 30 working days

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