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Policy for (i) Immediate Credit of local / outstation cheques (ii) Time Frame for Collection of local / outstation cheques and (iii) Interest Payment for delayed collection


EARLIER RBI INSTRUCTIONS

(i) Immediate Credit of local / outstation cheques: Banks were advised to afford immediate credit in respect of outstation cheques upto Rs.2,500/- subject to certain conditions such as bank being satisfied about the proper conduct of the customers’ accounts etc., which was raised to Rs.15,000/- vide RBI Circular DBOD.No.Leg.BC.21/09.07.007 dated August 23, 2002.

(ii) Time Frame for Collection of Local / Outstation Instruments: RBI had vide Circular DBOD.No. BC.No.59/09.07.007 dated May 17, 1995 stipulated the time frame for collection of outstation cheques in the four metropolitan centers having MICR cheque clearing system, in respect of State capitals and centres with more than 100 bank offices as also in case of local cheques.

(iii) Interest payment for delayed collection: RBI had advised banks vide RBI Circulars DBOD.No.Leg. BC.88/C.466(IV)/88 dated February 4, 1988 and DBOD.No.BC.147/09.07007/99-2000 dated March 9, 2000 to pay interest at the rate as applicable for appropriate tenor of fixed deposit for the period of delay beyond 10 / 14 days in collection of outstation instruments. Banks were also advised vide the circular dated March 9, 2000 to pay penal interest at the rate of 2 per cent above fixed deposit rate applicable for abnormal delay caused by branch in collection of outstation instruments.

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