Bank of Baroda’s new Cheque Rules from 1 June, Read details

Bank of Baroda released a new notification for its customers regarding the new rules of cheque payment which is effective June 1, 2021.

Bank of Baroda on Monday, May 31, released a new notification for its customers regarding the new rules of cheque payment which is effective June 1, 2021. If you are a customer of Bank of Baroda (BOB), then please look at the rules. This information was also shared on its Twitter account.

To prevent incidents of fraud, the Bank of Baroda has made ‘Positive pay confirmation’ for cheque payments mandatory for its customers. The bank also added that the customers will only have to make the reconfirmation of cheque details when the amount to be processed is more than Rs 2 lakh.

Advertisement

Bank of Baroda said, “Centralizes Positive Pay is proposed to be mandatory from 1st June for all the cheques issued for Rs 2 lacs and above. Avail the benefit of the Positive pay System and Prevent fraud in your account,” on Twitter.

Positive Pay System:

The Positive Pay System involves a process of reconfirming key details of large value cheques. Under this process, the issuer of the cheque submits details, such as the cheque number, cheque date, payee name, account number, and amount of electricity.

Bank of Baroda’s new cheque payment rules from 1st June:

  • A cheque of Rs 50,000 and above can be confirmed.
  • There is no option for modification or deletion of a registered confirmation in any mode.
  • Customers can stop the payment of issues cheques at any point in time before their payment in CTS clearing or at the counter.
  • The cheque will be passed if provided key details match with the actual cheque presented in the CTS clearing.
  • Confirmation verified up to 6 pm (daily) through any channel/ mode will only be processed for the next clearing session.
  • Rest all the modes will be available 24*7 to provide the Positive Pay confirmation.
  • A reference registration number will be shared through SMS on the registered mobile number for each successful submission of Positive Pay confirmation.
  • Stale cheques (3 months older than the date of confirmation) will not be accepted.