ICICI Bank to Implement Same-Day Cheque Clearance Under RBI’s New Guidelines
With the Reserve Bank of India’s (RBI’s) new rules and guidelines regarding quick clearing and settlement of Cheques, ICICI Bank has declared that Cheques will be cleared on the same day of presentation effective from October 4, 2025.
ICICI Bank announced the same-day cheque clearance via e-mail to inform its customers that depositing Cheques within the respective branch cut-off time will be necessary for the same-day clearance of a cheque. According to the ICICI Bank, this initiative will help customers with quicker fund availability and better convenience and will reduce delays.
The bank urged its customers to issue Cheques correctly and maintain sufficient balance in their accounts for faster clearance. Via mail, the bank also motivated its customers to use the “Positive Pay feature” to avoid fraudulent cheque transactions according to RBI guidelines.