Bank of Baroda’s new cheque fee rule from subsequent month: Key issues to know

If you’re a buyer of Bank of Baroda, then you will need to observe that from 1 June 2021, Bank of Baroda will make ‘Positive pay confirmation’ necessary for its clients to forestall incidents of fraud throughout funds made by means of cheques. The financial institution added that the shoppers will solely must make the reconfirmation of cheque particulars when the quantity to be processed is greater than ₹2 Lakh.

“Customers are requested to supply us advance intimation of cheques issued to the beneficiaries in order that Bank on the time of presentment in CTS clearing can cross the High-Value cheques with out contacting to the shoppers,” mentions Bank of Baroda on its web site.

Bank of Baroda’s new cheque fee rule from subsequent month:

A cheque of ₹50,000 and above may be confirmed.There is not any choice for Modification or deletion of a registered affirmation in any mode as a result of modification/deletion couldn’t happen as soon as the information shall be submitted to the server offered by the National Payment Corporation of India. However, clients can cease the fee of issued cheques at any level of time earlier than its presentment/fee in CTS clearing or on the counter.The cheque shall be handed if offered key particulars matches with the precise cheque introduced within the CTS clearing and if in any other case is so as viz. adequate funds, Signature match and so forth.Confirmations submitted/verified as much as 6 pm (every day) by means of any channel/ mode will solely be processed for the following clearing session. Afterwards, all of the confirmations shall be processed for subsequent clearing session. Confirmation by means of Branches may be offered through the regular enterprise hours of the respective Branch. Rest all of the modes/channels shall be accessible 24×7 to supply the Positive Pay confirmations.A reference (registration} quantity shall be shared by means of SMS on the registered cellular quantity for every of the profitable submission of Positive Pay affirmation.Customers have to make sure preserve adequate funds as much as the presentment/fee of the issued cheque/s both confirmed or not.Confirmations should be offered by means of anybody mode only- Mobile Banking, Net Banking, Branch go to, SMS, Call CenterStale cheques (3 months older from the date of affirmation) is not going to be accepted.What is ‘Positive Pay’?

The idea of Positive Pay includes a strategy of reconfirming key particulars of excessive worth cheques. Under this course of, the issuer of the cheque submits electronically particulars associated to the cheque introduced for clearings, such because the cheque quantity, cheque date, payee title, account quantity, quantity, and different particulars towards an inventory of cheques beforehand approved and issued by the issuer.

Meanwhile, Canara Bank knowledgeable its clients that the IFSC codes of its branches will change on 1 July 2021. Whereas the shoppers of Syndicate Bank have been advised to replace their IFSC code by 30 June 2021.

Subscribe to Mint Newsletters * Enter a legitimate e-mail * Thank you for subscribing to our publication.

Never miss a narrative! Stay linked and knowledgeable with Mint.
Download
our App Now!!