Check Clearing Definition & Process
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Check Clearing Definition & Process
Learn about check clearing and its process and rules. Discover the definition of the check clearing process and how one knows when a check has cleared the bank.
11K viewsApr 2, 2016
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Cheque Clearing Time
RBI’s same-day cheque clearing system went live on October 4. What used to take one or two days now happens in a few hours. Earlier, cheques cleared in fixed sessions. Now banks process them all day, between 10 AM and 4 PM. Deposit in the morning, and your money could hit your account by evening. Banks now settle cheques every hour starting 11 AM. They have until 7 PM to confirm them. After that, it’s auto-approved. Right now, we’re in phase one, running till January 2. During this time, banks g
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RBI’s same-day cheque clearing system went live on October 4. What used to take one or two days now happens in a few hours. Earlier, cheques cleared in fixed sessions. Now banks process them all day, between 10 AM and 4 PM. Deposit in the morning, and your money could hit your account by evening. Banks now settle cheques every hour starting 11 AM. They have until 7 PM to confirm them. After that, it’s auto-approved. Right now, we’re in phase one, running till January 2. During this time, banks g
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