Check Clearing Definition & Process
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Study.com
Check Clearing Definition & Process
Learn about check clearing and its process and rules. Discover the definition of the check clearing process and how one knows when a check has cleared the bank.
11K viewsApr 2, 2016
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RBI’s same-day cheque clearing system went live on October 4. What used to take one or two days now happens in a few hours. Earlier, cheques cleared in fixed sessions. Now banks process them all day, between 10 AM and 4 PM. Deposit in the morning, and your money could hit your account by evening. Banks now settle cheques every hour starting 11 AM. They have until 7 PM to confirm them. After that, it’s auto-approved. Right now, we’re in phase one, running till January 2. During this time, banks g
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What is Clearing? It’s the essential process that ensures your cheque funds are transferred safely and securely from the issuer’s bank to yours. Remember, clearing time can vary depending on where the cheque originated! Grow faster with UBL. Follow us on LinkedIn for regular job updates: https://pk.linkedin.com/company/united-bank-limited Follow us for the latest instant updates on WhatsApp. Tap to join: https://whatsapp.com/channel/0029Vb6MQra2ER6nc9cpTU2B #UBL #FinanceFacts #BankingSimplified
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