New Rules for High-Value Cheques

Have you heard about the Positive Pay System? Read on to know how it affects your banking transactions…

Reserve Bank of India (RBI) has announced a new system to bring in additional protection for your high-value cheques – Positive Pay System!

The Positive Pay System has been developed by National Payments Corporation of India (NPCI) and is a simple process of confirming key details of cheques with high value. You (Account Holder) can submit these details online through the bank’s internet / mobile banking or visit the bank’s branch for offline submission.

Details to be submitted to your bank include:

  • Account Number
  • Cheque Number
  • Date of Cheque
  • Cheque Amount
  • Beneficiary Name, etc

This new system while highly beneficial to customers, is still based on the discretion of the respective banks. If your bank implements the same then:

  • For cheques worth Rs 50,000 to Rs 5 lakhs – The choice to avail this additional safety measure will be at your discretion
  • For cheques worth Rs 5 lakhs above – This requirement will be mandatory

Talk to your bank for more details.

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