ICICI Bank Check Clearance Rule Change: If you have an account with ICICI Bank, this news may be very useful to you. ICICI Bank is making some changes to its customer rules. Let’s find out what changes are coming for account holders and when these changes will take effect.
Check Clearance Rules to Change
ICICI Bank is making changes to its check clearance system. This change is in line with RBI regulations, which now requires check clearing instead of a batch system, but a continuous clearing and settlement process will be adopted.
What will change?
Until now, checks for ICICI Bank account holders took 2-3 days to clear. However, with the implementation of the new rule, all checks will be cleared within a single day. This will be especially beneficial for business owners.
When will this rule come into effect?
ICICI Bank is implementing this rule after Dussehra. According to the bank, starting October 4th, all checks will be cleared on the same day. The bank stated that there will now be only one presentation session for check clearing, running from 10 a.m. to 4 p.m. During this time, checks will be immediately scanned and sent to the clearing house. This will ensure customers receive the money in their bank accounts on the same day.
ICICI Bank Issues Guidelines
Before this rule comes into effect, ICICI Bank has also issued guidelines alerting customers. The bank informed account holders that checks will be cleared on the same day starting October 4th, and they should maintain sufficient balance in their accounts before depositing such checks. ICICI Bank also advised customers to use Positive Pay to avoid fraud.
Read More :- Bihar Breaking News! Nitish government is kind to laborers in Bihar, minimum wage increased; know the new rates
