subash (Marketing) 05 August 2012

Cheque clearing in hdfc bank account

We had received a cheque from a client dated 1st of August, Which was deposited in a branch with the teller at 11Am on the 1st of August, however the cheque is still not posted in the account till now (usually when we deposit the cheque shows up in the clearing funds). Assuming this cheque is going to clear in 2 days, we had given cheques for our suppliers which retruned (bounced) beacuse of insufficient funds. When we check the RBI funds clearing process, the cheque has to clear within T+2 days.

We are new start up firm and never had a single cheque bounce and are extremely dissapointed with this. When we check with the bank (phone banking and my accounts manager). They do not give same information, One person says its a bank error whereas my accounts manager says that since it is outstation cheque it will take 7 - 10 days to clear (cheque is from Mangalore, whereas our account is in bangalore and the cheque was deposited in bangalore). When the cheque was deposited even i had mentioned my mobile number on the deposit slip if there was any issue but no update too...

Could anyone advice us what we can do to ensure we are compensated for the delay in funds clearing or if it is true that as per RBI that it takes 7 days. Here it is already been T+3 days with no clue of our cheque. I will be going to the deposited branch tomorrow, However this situation has affected our credibility and trust which we built with our supplier (we are new start up firm). Please advice us if we can file a consumer complaint, if yes please advice us the details or sections under which we can claim any action and compensation, Since i have already highlighted this situation in advance and they really dont seem to be worried about this.

Thanks,
Subash

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3 Replies

RAJU O.F., (Advocate) 05 August 2012

Out -station cheques would credited to the a/c only after send it for collection and realisation. You had to wait that much days for realisation of cheque, before fresh issue of cheques to your suppliers. Better sort out with your suppliers before they take action under Sec. 138 of N I Act.

subash (Marketing) 05 August 2012

Thank you Raju for your reply. Usually when we deposit the cheque it is posted immediately in the account and the funds are made available in 3 days usually. However here the cheque itself is not posted in the account and the company that issued the cheque has still not received the cheque in their account until the 4th of August. We have already taken action for the other suppliers whose cheques are returned.

The Phone banking and the bank employee who i met said that it is bank error if a cheque is not posted in the account, whereas my account manager said it would take about 7 days for the cheque to be posted or credited. We have been depositing the same cheques since few months and usually it clears T+2 days. So what do you suggest.

Kumar Doab (FIN) 05 August 2012

Mr. Raju has given valuable advice. Kindly follow it. Don’t issue cheque until you have sufficient funds in a/c to clear the cheque.

What shall you do if the cheque deposited by you return unpaid or gets bounced?

In case of delay in clearing of the cheque beyond reason under control of the bank, a compensation policy is in place.

In your case the cheque is issued from a major city and is deposited in a major city. It is believed it is a MICR cheque and payable at par. You may get in touch with your Manager Operation in your bank and he/she shall be able to find out fate of the cheque.

The policies are framed by RBI and guidelines are put in place by RBI,BCSBI, IBA. Time allowed for outstation cheques is 7-10days.

You may find the attachments useful.

Attached File : 776744657 chqclgpolicy-memotomsd.doc, 776744657 micr cheques prguve020910.pdf, 776744657 cheque collection policy.pdf downloaded: 413 times