Bank check clearance
Check Clearance Time: If you also make payment from check or receive money, then there is a great news for you. Now you will not have to wait 1-2 days to clear the check. From October 4, 2025, the check will be cleared on the day you submit it to the bank.
This facility is being launched under the new rules of the Reserve Bank of India (RBI), which will rapidly reach your account and will reduce the delay in banking. This facility is currently implementing ICICI Bank.
What is this new facility?
So far it takes 1 to 2 days to clear the check. The check is scanned on the first day, then the next day there is clearance and settlement. But now RBI has made this process faster. Now the banks will scan the check throughout the day and send it directly to the clearing house. The clearing house will also immediately send that check to the concerned bank. In this way, the process will continue continuously and the check will be cleared on the same day.
When and how will there be clearance?
This new system is being implemented from 4 October 2025. From that day, there will be a presentation session in the banks from 10 am to 4 pm, in which all check scans will be sent immediately to the clearing house. All you have to do is keep in mind that you submit your check to the bank before the scheduled time. The check deposited on time will be cleared on the same day.
What is positive on and why is it necessary?
ICICI Bank has said that positive pay should be done on checks of more than Rs 50,000. In positive pay, you already tell the main information of the check to the bank such as account number, check number, recipient’s name, check amount and date. This gives the bank information before clearing the check, and the chances of fraud are reduced.
If you have given a check of more than 5 lakhs and do not pay positive, then your check can be rejected. Also, RBI’s security mechanism will not be applicable in the event of a dispute over a check without positive pay.
What are the things to keep in mind while depositing checks?
Keep in mind that the check on the check and the amount written in words should be mail. The date of the check should be valid, that is, neither very old nor future. Do not overwriting, cutting or any improvement in the check. Sign the check that is in the bank’s record.