For non ICICI bank local or at par checks takes a maximum of 3 working days including Saturdays. ICICI Bank, you can never say anything.
For non ICICI bank local or at par check takes a maximum of 3 working days excluding public holidays and strikes including Saturdays. For ICICI Bank, you can never say anything.
Normal Clearance For Non-ICICI Bank
Let us take couple of examples to understand the maximum of 3 working days.
We deposit the check before the first clearance, which is for most banks’ most of the branches are 11 AM. You can ask your bank branch about it. Many banks’ branches have multiple clearances in a day and only one clearance on Saturdays.
In our example if we deposit the check on Monday at around 10 AM, then check would go out for clearance the same day in the 11AM clearance. The next day i.e. Tuesday morning it will hit the source bank from where the money needs to be debited and end of the day i.e. Tuesday, the fund should be cleared and available in your account. If you have access to Internet Banking, the check deposited on Monday morning and if it was sent for clearance then it will show as checks in clearing by Monday evening itself.
In second scenario, if you are late on Monday and could not deposit the check by 11AM but you do it at say 11:30AM, then the check goes for clearance on the next day i.e. Tuesday and the above process would happen from Tuesday. The funds would be cleared and available in your account by Wednesday evening.
So in the second scenario, it took a maximum of 3 working days i.e. Monday, Tuesday and Wednesday.
The ICICI Bank Special
The above scenario is normal but then ICICI Bank for me has taken more than 5 working days to clear a local check and deposit funds in my account and I have been calling the customer care from 4th day and each day they keep telling it will be done today.
I deposited couple of check in my ICICI Bank accounts. First check was Citi Bank’s check from Google Adsense and other was to transfer some funds from my SBI account to my ICICI account and both the check were dropped using the same slip in the check drop box at ICICI Branch near my house on 18th of December.
19th of December was a bank strike and even if I was late on 18th (which I was not) for clearance 21st December evening was the last day when the fund should have been in my account but 24th December and yet the funds were not in my account. You can see the screen shot.
ICICI Check Not Cleared on 5th Working Day
The argument from ICICI bank can be that SBI bank took more time to clear the check but that was not the case.
SBI cleared the check on 20th December 2013 Morning which even suggests that I deposited the check before the clearance on 18th of December and as 19th was bank holiday, it was presented for clearance on 20th December Morning and SBI cleared the check the same day.
SBI Cleared Check on 20th Dec.
Note: I have not blurred the complete check numbers in both the above screenshot to identify they are same check.
There are so many questions in my mind but I am not sure who will answer them for me.
- What if this was check from someone else and I may need to be doing something once the check is cleared? The other party could argue that is it cleared from my bank and I would say it is not cleared and business can be a complete mess.
- What if I had issues a check based on assumption that this would clear in 3 business days and that check could just bounce?
- Where was the fund from 20th December to 24th December?
Final Thought
Yesterday I got a mailer from ICICI Bank that said.
ICICI Bank Non CTS Check Clearance
My Check was CTS2010 and of course was submitted before 31st December 2013 anyways and so could not be a reason for the delay. On top of that it was presented to SBI Bank on 20th December 2013 that was completely as expected but once cleared from SBI and then ICICI bank played the trick.
Do you think anything can be done about it? I am not sure but do let me know in comments below if I can do anything apart from sharing this on ICICI Bank’s Facebook Page and twitter account.
Will keep the post updated if I hear back from the bank.
I deposited Indian bank cheque in my SBI bank on 11/08/2019 but it hasn’t clear yet? What should I do now?
I deposited Indian bank cheque in my bank I.e; SBI on 11/09/2019 but I hasn’t clear yet. What should I do now?
Contact the bank with the details of your check.
Dear shabbir,
Icici is a legal of customer they just invested ur money and +the others too and earned lot this is the gimik all international banks do.. just by holding money of 1000 ppl all over the world one might have crores of transaction these legal fraudulent banks earn crores of rupees in one day without their own investment.. thats wat i call a business performance and in ur case its 4days *14k*so many like u cant count free profit… C ya bye
i have dropped my cheque in sbi drop box on 24th august at about 13.30 hrs and even after days holidays and next working day i.e., on 28.08.2017 cheque was not cleared pl.clarify
Ask the SBI customer as they will be able to tell you exactly about the state of the check.
I have deposited 2 cheques in Kotak mahindra bank Aundh Pune branch on 03.02.2017. As they are out stations chq. i was told that they will be clear in 10 working days And at it is know by me i deposited. But till today it is not cleared. I called CC of them and sen to my branch also. after long conversion they told me that Outstations chq. will be clear in 14 to 21 days. Which they never mentioned before. I search for their web site and very Surprisingly i found that it should be clear in 10 working days. Check their website
http://www.kotak.com/bank/common/pdf/cheque_collection_policy.pdf
Even there is RBI rule against this check what RBI says
https://www.rbi.org.in/Scripts/FAQView.aspx?Id=78
That means all the banks are fooling us
They must have clear the cheque in 10 working days or else they must give me the intrest in respect of that.
Outstation cheque has courier part involved and so you can do very little about it. I deposit international cheque and they take 21 working days to clear and it is because cheque is physically sent to the issuing bank. Not sure if bank can do much about it or not but could be a loophole that banks may be using to delay the payment.
I deposited mahindra Kodak bank s check in my union bank of India s account at hardoi branch. Its been more than 15 days n still I m not getting clear my check what s the problem
I deposited the cheque of lKotak Bank in my SBI account.but after some days they returned my check saying that it could not be cleared nd u have to submit KYC form ………but when I submit Sbi check then it does not require KYC ….,
What should I do now
The simplest possible solution is to get the KYC done. Otherwise use IMPS or NEFT.
I collect the cheque from My one Party and deposited into bank, but they do the payment through RTGS and I want to withdraw cheque that I deposited yesterday
So what I do If I donot want to accept the payment.
Ask the other party to stop the check payment and there is nothing much you can do.
my fren deposited axis Bank cheque of account payee on 4th November 2016 into SBI account and till today no payment is reflected into his account. What and wer is the mess
It is a trick played by bank on majority of customers where they are not afraid of loosing big business like saving bank customers or salary account customer. For example if cheque is debited in SBI on 20th, it should get reflected by mid day of 21 at any cost, because funds are with ICICI bank. Imagine lakhs (say 100000) of such transactions get delayed across country with average amount of 10,000 INR, Money with bank = 100,00,00,000 INR == 100Crore. An if bank do this daily, this amount is available to bank round the year + interest.
Banks are big cheats, RBI has clear norms for clearing cheques.
Hi Shabbir, you can write to banking ombudsman. it will go to RBI and then RBI will take action. even i faced similar issue. local cheque taking 4 days to clear. https://rbidocs.rbi.org.in/rdocs/Content/PDFs/67933.pdf
Sure thats a good idea.
Shabbir, you really have patience dealing with it and its much needed so that other people know how ICICI bank guys are…
My experience back in 2006-2007, I used ICICI bank card exclusively for my business payment i.e online. Note the guys I deal with for payments (US company) are in business since 1990s and they have strict security policy and deal with 1000s such company for receiving payment.
Now after a year of usage, I started getting fraud charges on my card amounting to 1 lakh +, I thought maybe one off instance, went through pain and have all charges reversed.
New card issued within 5 days, now this new card was never used offline or online and immediately after another 2 days of receiving this card, another fraud charges amounting to 60k+ appeared and when I contacted bank, they say its normal to have such fraud charges if you use your card online….but hey this was new card issued and never used offline or online.. and its normal to have fraud charges if we use it online.. wow!!!
I switch to HDFC bank for my company and to American Express for my cards…never had a glitch till date. HDFC and Amex.. its great doing business wit you guys!
Yes I also know one of the horrible story of ICICI Bank where my brother wanted to purchase one site in flippa and so he has to escrow fund to escrow.com and it took almost a fortnight for ICICI Bank to get it done but when I did the same thing through HDFC Bank before, it was on the same day.
ICICI bank guys are a bunch of incapable assholes. they are making me go through the same ordeal 🙁
ICICI is the worst – I use HDFC and AMEX only now. and happy. Also avoid Kotak MAhindra bank
absolutely right! they are such assholes,they unneccessarly delay transaction causing trouble to customers! I suffering the same for days now and yet those guys don’t hav an answer!