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Cheque Collection Policy

The Cheque Collection Policy of the bank would be as follows:

   1. Local Cheques

A cheque drawn on a bank branch in the same city as the bank branch where it is deposited is called a local cheque.

  1. Customers are requested to deposit their cheques within the stipulated time frame And the cheque deposited at branch counters before the specified cut-off time will be presented for clearing on the same day.
  2. Cheques deposited by customers which are payable locally would be presented through clearing system prevailing at the centre.
  3. Bank would give credit to the customers’ account on the same day of clearing settlement.  The credit balance on account would be  permitted to be utilised  after referring  the cheque return schedule of the clearing house.
  4. In case of high value clearing (i.e.cheques above Rs.1 lac) will be credited to customers account on same day.
  5. At the centres having no clearing house , where the  cheques deposited by customers are presented across the counter of concerned bank for collection, proceeds would be  credited to the beneficiary account on realisation.
  6. Normal collection charges of Rs.5/- will be charged for local cheques, which are not collected through clearing irrespective of amount of cheques.

    2. Outstation cheques

A cheque drawn on a bank branch in a different city from the bank branch where it is deposited is called an outstation cheque.
Outstation cheques up to Rs.15,000/- would be immediately credited to the account subject to following terms and conditions.

  1. Transactions on the concerned account should be satisfactory.
  2. This facility would be available to all individual account, Savings Account,  Current or Cash Credit Account.
  3. There is no separate section to maintain minimum balance in the account for availing such facility.
  4. Outstation cheque of Ratnakar Bank Ltd. –
  • Upto Rs.1.00 lac – Rs.2.50 per thousand (Minimum Rs.30/-).
  • Above Rs.1.00 lac – Rs.2.00 per thousand

Cheques of other Banks

    • Upto Rs.1.00 lac – Rs.3.00 per thousand (Minimum Rs.30/-)
    • Above Rs.1.00 lac – Rs.2.50 per thousand.

    Postage and commission charged by other Banks will be debited to the account.

    5. In the event of cheque being return unpaid, bank could recover interest at a rate as prescribed by the bank for the period amount credited to the account and the customer may not enjoy this facility in future.

      • No interest is to be charged to the customer for the period between the date of credit of the outstation cheque lodged and its returned.
      • In case there is no credit balance in the account bank may charge interest from the date of return of a cheque till the reimbursement of money to the bank.
      • Whereas the cheque is credited to a Savings Bank Account, no interest will be payable on the amount so credited, if the cheque is returned unpaid.
      • In case , if cheque  is returned unpaid, returned to the customer with a return memo of the drawee bank, through a post or courier  etc;  Also intimated by telephone or e.mail
      6.  The time frame for collection of local and outstation cheques

      a. Local cheques
      For local cheques, debit or credit shall be given on the same day or at the most, on next day of their presentation in clearing. In respect of local clearing, Bank permits usages of the shadow credit afforded to the customer accounts immediately after closure of relative return clearing and in any case, withdrawal is allowed on the same day or within an hour commencement of business on the next working day, subject to usual safegaurd.

      b. Outstation cheques

      Time frame for collection of cheques drawn on state capitals/major cities/other locations shall be 7/10/14 days respectively. If there is any delay in collection beyond this period, interest shall be applicable for appropriate tenor of fixed deposit for delayed period where as in case of cash credit/overdraft or loan account at minimum lending (PLR) rate.

      7. Interest payment for delayed collection of cheques

      If the proceeds of outstation cheques to be credited to the deposit accounts of a customer and delayed for collection of cheques beyond 10 to 21 days.  In that case bank will pay interest at rate as applicable for appropriate tenor of fixed deposit for delayed period.  Whereas in case of Cash Credit, Overdraft or Loan Account at a minimum lending (PLR) rate.

      8. Cheque lost in transit

      In the event of cheque is lost in transit or in the clearing process or at the paying bank’s branch, bank shall immediately bring to the notice of the account holder so that drawer can be informed for the stop payment of the cheques and also take care that any cheques issued by him are not dishonored, due to non credit of the amount of lost cheques.  The bank would advise to the drawee bank all particulars of lost cheque for exercising caution and provide all assistance to the customer in obtaining a duplicate cheque from the drawer of the cheque.