Bank of Baroda’s new cheque cost rule from at present: 10 issues to know

If you’re a buyer of Bank of Baroda (BoB), then please be aware that efficient at present, 1 June 2021, the Bank has made sure adjustments in its cheque cost guidelines. To stop incidents of fraud, BoB has made ‘Positive pay confirmation’ for cheque funds necessary for its clients. The financial institution added that the purchasers will solely need to make the reconfirmation of cheque particulars when the quantity to be processed is greater than ₹2 lakh.

“Centralized Positive Pay System is proposed to be mandatory from 1st June for all the cheques issued for ₹2 Lacs & above. Avail the benefit of the Positive Pay System & prevent fraud in your account,” Bank Of Baroda stated in a tweet.

Centralized Positive Pay System is proposed to be necessary from 1st June for all of the cheques issued for Rs.2 Lacs & above. Avail the good thing about the Positive Pay System & stop fraud in your account. Know extra toll-free 18002584455 / 18001024455 or go to https://t.co/2ZHA16Dmbn pic.twitter.com/cz3zVLnMh5— Bank of Baroda (@bankofbaroda) May 27, 2021

What is Positive Pay

The idea of Positive Pay entails a means of reconfirming key particulars of enormous worth cheques. Under this course of, the issuer of the cheque submits particulars – such because the cheque quantity, cheque date, payee title, account quantity, quantity – electronically.

Here is all you could find out about Bank of Baroda’s new cheque cost rule from at present:

1) A cheque of ₹50,000 and above could be confirmed.

2) There is not any choice for modification or deletion of a registered affirmation in any mode.

3) Customers can cease the cost of issued cheques at any level of time earlier than its presentment/cost in CTS clearing or on the counter.

4) The cheque will likely be handed if supplied key particulars matches with the precise cheque offered within the CTS clearing and if in any other case is so as viz. adequate funds, Signature match and so on.

5) Confirmations submitted/verified as much as 6 pm (every day) by any channel/ mode will solely be processed for the subsequent clearing session. Afterwards, all of the confirmations will likely be processed for subsequent clearing session.

6) Confirmation by branches could be supplied throughout the regular enterprise hours of the respective Branch.

7) Rest all of the modes/channels will likely be obtainable 24×7 to supply the Positive Pay confirmations.

8) A reference (registration} quantity will likely be shared by SMS on the registered cell quantity for every profitable submission of Positive Pay affirmation.

9) Customers have to make sure keep adequate funds as much as the presentment/cost of the issued cheque/s both confirmed or not.

10) Stale cheques (3 months older than the date of affirmation) won’t be accepted.

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

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