The new rules came into force on September 1. If you want to give a Cheque for more than Rs 5 lakh, you have to inform the banks.
The new rules came into force on September 1.
If you want to give a Cheque for more than Rs 5 lakh, you have to inform the banks.
In the country from September 1 BankingSome new rules have been implemented in the area. It will also affect the lives of ordinary people.To the banksThe new rules of the Reserve Bank will have to be followed from September 1. In the meantime, if the account holder gives a Cheque for Rs 5 lakh or more, the account holder will have to inform the bank branch. If not, the Cheque will bounce. In addition, if the account holder does not accept the Cheque, a fee will be charged from him. The Reserve Bank has issued these mandatory guidelines for security reasons to prevent fraud by account holders.
Meanwhile, this rule has created an atmosphere of confusion among consumers. Also, this decision may cause inconvenience to some senior citizens, say people in the banking sector. Mid-day has given the news in this regard. “The account holder should inform the bank branch manager or the concerned officer before handing over the Cheque. The account holder can provide this information through email, phone call or even by visiting the bank. The bank should have this information otherwise your Cheque will not be accepted,” said a bank manager.
“Have some banks given customers large Cheques? They ask. If the account holder informs the bank that the Cheque has not been issued, the bank immediately stops the payment. This method will help protect customers from fraudsters. Due to this new guideline, many Cheques have been stopped from being cashed, ”said another bank manager.
… So the option of NEFT or RTGS
“Customers can use RTGS or NEFT services if they need to send money immediately for an important reason or in case of emergency. But for NEFT it is mandatory for customers to avail online banking services. No idea. In such a situation, they have to go to the bank and fill up the form and the process can be cumbersome for them, “said a bank employee.
Earlier, the guidelines were implemented on January 1 and were dubbed the Positive Pay System. This applies to Cheques of Rs 50,000 and above. Now only the limit has been increased for Cheques amounting to Rs 5 lakh and above.
