Time to say Good Bye to old cheque book
This is in reference to the Reserve Bank of India (RBI) Circular dated September 03, 2012 regarding 'Standardisation and Enhancement of Security Features in Cheque Forms'.
Banks have been instructed by the RBI to issue only multi-city/payable at par CTS-2010 standard cheques after September 30, 2012.
While all banks were advised to ensure the replacement of non-CTS-2010 Standard cheques with CTS-2010 standard cheques before December 31, 2012, it was decided to extend the time up to March 31, 2013 for banks to ensure withdrawal of non-CTS 2010 Standard cheques and replace them with CTS-2010 Standard cheques.
How to identify a CTS '2010' compliant cheque?
1. Bank's logo printed with invisible ink
2. Void pantograph
3. Cheque printer details/CTS - 2010
4. Rupee symbol
5. Signature Space Indicator
Additionally, any post-dated cheques (Non 'CTS 2010') issued by you for your loans and EMI repayments to be presented after March 31, 2013 will need to be replaced by the fresh cheques meeting the above mentioned guidelines.
What's in it for me as a Mutual Fund Investor?
• We would request you to note that effective March 31, 2013 you would not be able to purchase
into the Schemes of a Mutual fund with non CTS 2010 standard cheques.
• In case of investors who have submitted post-dated non-CTS 2010 standard cheques dated 1st April,
2013 onwards for your Systematic Investment Plan (SIP) investments, then you need to replace them
with CTS-2010 standard cheques before March 31, 2013. Depending on the Fund House procedure, the
cheques earlier submitted to the fund house may be forwarded by courier to your address registered in
For this you need to submit a written request to the mutual fund house mentioning your folio number, scheme details and SIP details along with the CTS 2010 standard cheques of the respective SIP due date. (Please check the process with your respective fund houses)