The customer issuing the cheque has to give some minimum details of the Cheque like date, beneficiary i.e. name of the Cheque taker, aamount etc. to the bank through electronic channels like SMS, mobile app, online banking, ATM, etc.
SBI Positive Pay : Positive Pay has been introduced to give security to large amount cheques. Under this system, the customer issuing the cheque will inform his/her bank through electronic channels like SMS, Mobile App, Online Banking, ATM, etc. to the bank with the minimum details of the Cheque such as date, beneficiary ie name of the cheque taker, amounch etc. it happens. Cheques issued through this system and the information received from the issuing customer are crosscheques. The Cheque is issued only after it is found to be correct.
SBI started this service
State Bank of India (SBI) customers who wish to use the service can first visit their branch and submit the application in a single format. Through this they will be registered. Apart from this, SBI customers can register through Mobile Banking (YonoLite), Retail Internet Banking, Corporate Internet Banking and Yono Mobile App.
Fix the risk level
According to the SBI website, customers will have to select the account level limit for registration. It will have to decide the risk limit of the customers. However, as per the existing rules, the positive pay system is applicable on Cheques of Rs 5 lakh or more. This rule applies to all types of accounts. This limit is applicable on current account, cash credit and overdraft account of Rs 10 lakh or more.
SBI Positive Pay can be deposited online through SBI YONO App
Step 1: Open SBI YONO Lite App
Step 2: Login using credentials
Step 3: Tap and open Service option
Step 4: Click on “Positive Pay System”
Step 5: Click on “ Cheque Lodgement Details”
Step 6: Select your account number.
Step 7: Cheque number, type, date of issue, Cheque amount have to be entered.
Step 8: Now it has to be submitted.
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