Discover the world with our lifehacks

How long do outstation cheques take to clear?

How long do outstation cheques take to clear?

It takes a long time to get the outstation cheque to clear. In fact, to be precise it takes around 3-weeks for such types of cheques to clear. So, if you are residing in another state, and have to receive funds from another state, it is advised not to take such cheques, unless they are payable at par across the cities.

What is outstation cheque collection?

Outstation cheques. Bank as a part of its normal banking operations, undertake collection of cheques deposited by their customers, some of which could also be drawn on non-local bank branches. Such cheques are called Outstation Cheques.

What is immediate credit of outstation cheques?

Immediate Credit will be provided for outstation cheques upto Rs 5000/- to the individual account holders subject to the below mentioned criteria. A) Eligibility Criteria 1. Value of cheque shall not exceed Rs. 5000/-.

Can SBI cheque be deposited in any other bank?

You can deposit a cheque (even of your own account) in any bank to any other account(even to your own account) in any other bank. What you have to take care is the cheque can be deposited only to the account of the payee, whose name is written on the cheque(Pay to…..or bearer).

Can we deposit outstation cheque?

2) Outstation Cheques Proceeds of outstation cheques will be credited to customer account as per the norms outlined below. Cheques drawn on other banks at outstation centres will normally be collected through bank’s branches at those centres.

How much time does a bank take to credit a cheque after the amount is debited from the payee?

Cheques that need to be re-presented without any recourse to the payee, shall be made in the next presentation clearing not later than 24 hours (excluding holidays).

Can a cheque be deposited in non home branch?

The bank announced on microblogging site Twitter that the upper cap for depositing cash at non-home branches has been removed. It may be noted that the home branch is where the customers have their account and all the other branches of the bank non-home branches.

How can I check my cheque clearance status?

To enquire cheque status:

  1. Click Enquires > Cheque Status. The Cheque Status page appears.
  2. Select the account for which you wish to verify cheque status.
  3. Select the single cheque option to verify status of a single cheque.
  4. Enter the cheque number(s).
  5. Click [Enquire].

How do I know if my cheque has cleared?

Your bank statement You will see a cheque on your statement once it has cleared. If it does not clear by 23.59 on the next working day the cheque has been returned unpaid and you will see a credit and debit cheque transaction. You will receive a letter to explain the reason why the cheque was unpaid.

Why is my cheque not cleared?

If cheques are lost in transit or in the clearing process or at the paying bank’s branch under physical instrument delivery clearing, the bank should immediately bring the same to the notice of the presenting customer (beneficiary)’s notice so that the customer can inform the drawer to record stop payment and can also …