How long does it take to clear an outstation cheque?

How long does it take to clear an outstation cheque?

Most of the public sector banks in India will clear outstation cheque within 7 to 21 days. Another type of cheque is foreign currency cheque. These cheques are issued in your name and need to be cleared at the issuing bank’s clearing house available.

How are outstation cheques cleared?

a. Cheques drawn on other banks at outstation centers will normally be collected through bank’s branches at those centers. Where the bank does not have a branch of its own, the instrument would be directly sent for collection to the drawee bank or collected through a correspondent bank.

How long does a Reserve bank cheque take to clear?

Clearing a cheque Generally it will take three working days from the time you deposit the cheque until the proceeds are available as cleared funds in your account.

How long it will take to clear a cheque in SBI?

Cheques deposited after this cut off time will be sent for clearing on next day, for which clearance period will be T+2 working days.

Can a cheque be cleared in one day?

Four years after it said banks could frame their own cheque-clearing policies, RBI has issued fresh directives to banks stating that, for local cheques, credit and debit will be given on the same day or, at most, on the next day of their presentation for clearing.

Where should I drop my cheque?

Deposit at any bank branches or at any of the bank’s quick cheque deposit boxes. (For POSB/DBS, you can deposit with any of the two even if you only have an account with either one.) Note that you have to deposit the cheque at a bank where you have an account.

Can a cheque clear on a Saturday?

If you pay a cheque in on a Saturday or after 3.30pm on a working day, the funds will not clear for two further days. Cheques paid in at some financial institutions, or agents, (e.g. the Post Office), may take longer to arrive at the other bank for payment.

What is the maximum amount I can write a cheque for SBI?

As per the RBI guidelines, the facility can be availed on the discretion of the account holder. It is to be noted though that the banks may make it mandatory for cheque payments of amounts of Rs 5 lakhs and more.

Why has my cheque not cleared?

A cheque is not in order if, for example, the date is invalid, the drawer’s signature is not like the one held by the bank, the wrong number of signatories have signed the cheque, etc. There must also be sufficient cleared funds in the account before the drawer’s account is debited.

How can I get a cheque cleared quickly?

Take the cheque directly to the bank/branch and request the money to be deposited in an account OR deposit the cheque at the bank’s ATM. Both of these options mean there will be a wait for the cheque to clear which can range from three to five days.

Can cashier order be drop cheque?

Yes. However, if it is a big sum, you are recommended to go to the counter to deposit and get a deposit slip (just in case the cashier order goes missing in transit and process).

Can a check clear faster?

A personal check typically clears within two business days. Some banks can clear them faster. Usually within two business days for personal checks; up to seven for some accounts. Usually one business day for government and cashier’s checks and checks from the same bank that holds your account.

Will a cheque clear on a weekend?

Funds can be withdrawn from Tuesday (or earlier if you have a credit arrangement). If you pay a cheque in on a Saturday or after 3.30pm on a working day, the funds will not clear for two further days.

Is there a time limit to deposit a cheque?

We reserve the right not to pay a cheque that is older than 6 months (from the date written on the front of the cheque). If you have a cheque dated 6 months or more ago it may not clear and you should contact the issuer of that cheque and ask for a replacement.