ICICI Bank has introduced a significant update to its cheque settlement process to minimize delays and enhance customer convenience. Effective October 4, cheques submitted at any branch will be cleared and credited to accounts within one working day, as stated on the bank’s official website. This change aligns with the Reserve Bank of India’s new cheque clearing system designed to speed up settlements. The prior batch-based method will be replaced with a framework that clears cheques within hours of submission. The current Cheque Truncation System (CTS) transmits an electronic image of the cheque and its details to the drawee bank, eliminating the need for physical cheque transfers.
However, deposits made in drop boxes or ATMs typically take two working days for settlement. Furthermore, ICICI Bank has highlighted the importance of its Positive Pay feature, which provides an extra layer of security for high-value cheques. To prevent fraud, customers can electronically pre-confirm key details before issuing cheques exceeding Rs50,000.