Cheques to be cleared within few hours from tomorrow, banks announce
Private banks, including HDFC Bank and ICICI Bank, announced that they'll start same-day cheque clearance from October 4, following RBI guidelines. Cheques will be cleared within a few hours, the banks said, urging customers to keep adequate balance in accounts to avoid cheque bounce. Customers must submit key details to banks 24 working hours prior to depositing cheques exceeding ₹50,000.