Cheque Collection Policy-2009 (CCP)

The Cheque Collection Policy (CCP) -2009 covers the following aspects:-

I-1 : All cheques payable locally would be presented through the clearing system prevailing at the centre.
I-2 : Cheques deposited at the branch counter before the specified cut-off time will be presented for clearing on the next working day. All branches will fix up the day’s cut-off time for the inclusion of instruments for clearing, taking into account the clearing cycle and other related factors,like distance from clearing house, availability of staff, communication facility, local established practices, methodology being followed by other banks in the particular centre etc.While arriving at the said cut-off time, care should be aken to extend maximum leverage time to the advantage of the customers.

2. Oustation Cheques Payable in India

II-1 : Cheques drawn on other banks at outstation centers in India will normally be collected through bank’s branches at those centers.
II-2: Where the bank does not have a branch of its own, the instrument would be directly sent for collection to ICICI Bank (as per our arrangement with ICICI Bank) or to the drawee bank or through Correspondent bank.

2. Immediate Credit of Local/Outstation Cheques to Deposit Accounts of Individuals.

I : Local Cheques

I-1 : The customer’s account would be credited in respect of local cheques by 2nd working day from the date of acceptance of the cheque at the counter upto cut off time and by 3rd working day at branches if deposited at counter after the cut off time.
I-2: The customer will be allowed to withdraw the relative proceeds on next working day, after crediting the proceeds and reckoning the cheque return.
I-3: The customer will be allowed to withdraw the relative proceeds on next working day, after crediting the proceeds and reckoning the cheque return timeline because second clearing house is not being conducted at nearby clearing centers.
I-4: Negotiation/purchase of local cheque will not be encouraged.
I-5:No charges will be levied for local collection of cheques/instruments which are collected through a normal clearing process.
I-6: Normal collection charge will be levied for local cheque not collected through clearing irrespective of the amount of cheque.

II-A: Outstation Cheques

A-1: Branches will comsider providing immediate credit to outstation cheques up to the aggregate value of Rs. 15000/- subject to satisfactory conduct of such accounts.
A-2 : Immediate credit will be provided against such collection at the specific request of the customer or as per prior arrangement.
A-3: Normal Collection & out of pocket charges are to be recovered for outstation cheques.

II-B Return of Outstation Cheques

B-1: In the event of cheque being returned unpaid the customer will have to pay interest at the rate applicable for overdraft limits sanctioned for individual customer for  the period for which fund are utilized.
B-2: Where the cheque credited to a saving bank  account no interest will be payable on the amount so credited if the cheque is returned uupaid.
B-3: The bank/branch may consider introducing request letter superimposing a notice to the effect that in the event of dishonor of the cheque , the customr will have to pay interest for the period the bank is out of funds at the normal rate.
B-4: If proceeds are credited in an overdraft/loan account,interest would be recovered at applicable rate/clean overdraft rate, whichever is higher on the amount of returned cheque/instrument.

3. Satisfactory Conduct of Accounts

For the purpose of this Policy, a satisfactory conducted account shall be the one:-

4. Time frame for Collection of Local/ Outstation Cheques

C1.: Time frame for collection of cheques/instruments payable in India will be as under:-

C-2: The time frames mentioned above are only outer limits and once the instruments are realized, the proceeds should be credited customer’s account immediately.
C-3: Considering technology up gradation and faster communications, delay beyond 45 days in collection of cheques would be treated as abnormal delay and delays exceeding 90 days would be treated as extraordinary delay.
C-4: As in some of our branches postal services is very poor. Dak goes once ina week and no courier service is available ( eg. Bheerapani, Soung, Harara,Machhor etc.), this time frame may not be applicable to these branches.

5. Interest payment for Delayed Collection

Interest for delayed collection shall be paid at the following rates:-
i)- Saving bank rate for the period of delay beyond 07/10/14 days and up to 45 days as the case may be in collection of outstation cheques.
ii)- In case of abnormal delay i.e delay beyond 45 days, interest will be paid at the rate applicable to for Term Deposits of the respective period.
iii)- In the case of extraordinary delay i.e. delay exceeding 90 days; interest will be paid at the rate of 2% above the corresponding Term Deposit rate.
iv)- Interest as above wil, however, not be payable if the cheques/instruments are lost in transit.

6.Cheque /Instrument Lost in Transit/in Clearing Process

In the event a cheque/instrument accepted for collection is lost in transit or in the clearing process or at the paying bank’s branch, the bank shall immediately on coming to know of the loss, bring to the same to the notice of the account holder so that account holder can inform the drawer to record stop payment and also take care that the cheque,if any, issued by him/her are not dishonored due to non-credit of the amount of the loss cheque/instruments.

Force Majeure:

The bank shall not be liableto compensate customer for delayed credit if some unforeseen event (including but not limited to civil commotion, sabotage,lockout, and strike or other labour distuerbances,accident, fire ,natural disasters or other “Act of God” war, damage to the Bank’s facilities or of its correspondents Banks, beyond the control of the bank) prevents it from performing its obligation within the specified service delivery parameters.