Archive · 24 Sep 2025
ICICI Bank Introduces Same-Day Cheque Clearance
ICICI Bank is making cheque clearance faster!
Starting October 4, any cheques you submit will be processed and your money credited within one business day.
This is thanks to the Reserve Bank of India (RBI) wanting to speed things up.
ICICI Bank will use an electronic system to send images of your cheques to speed the process up.
If you write a cheque for more than ₹50,000, you can use Positive Pay for added security.
ICICI Bank will implement same-day cheque processing from October 4.
The initiative aligns with RBI's aim to expedite cheque settlements.
The Cheque Truncation System (CTS) is used to speed up the process.
The new system will reduce clearing times to one working day.
Customers are encouraged to use Positive Pay for cheques above ₹50,000.
- Who
- ICICI Bank, RBI
- What
- Implementing same-day cheque clearance
- When
- Starting October 4
- Where
- India
- Why
- To modernize cheque settlements and reduce delays
Customers
Bank
Security concerns
Customers
Customers concerned about potential fraud when cheques clear faster.
Bank
Banks mitigate risk with CTS and Positive Pay features to offer enhanced security.
- Initiation Date
- October 4
- Bank
- ICICI Bank
- Current Clearing Time
- Up to two working days
- New Clearing Time
- Within one working day
- System
- Cheque Truncation System (CTS)
- Positive Pay Threshold
- ₹50,000 (Encouraged), ₹5,00,000 (Required)
