All cheques and other Negotiable Instruments payable locally would be presented through the clearing system prevailing at the centre. Cheques deposited at branch counters and in collection boxes within the branch premises before the specified cut-off time will be presented for clearing on the same day. Cheques deposited after the cut-off time and in collection boxes outside the branch premises including off-site ATMs will be presented in the next clearing cycle. As a policy bank would give credit to the customer’s account on the same day clearing settlement takes place. Withdrawal of amounts as credited would be permitted as per the Cheque return schedule of the clearinghouse.
The exchange rate will be the rate applicable on the date on which the foreign currency is converted in Indian Rupees and credited to the Customer’s account by the Bank.
2.4.Immediate credit of local/outstation cheques/instruments:
4.Payment of interest for delayed collection of Local/ Outstation Cheques:
As part of the compensation policy of the bank, the bank will pay interest to its customer on the amount of collection instruments in case there is delay in giving credit beyond the time period mentioned above. Such interest shall be paid without any demand from customers in all types of accounts. There shall be no distinction between instruments drawn on the bank’s own branches or on other banks for the purpose of payment of interest on delayed collection.
The bank shall not be liable to compensate customers for delayed credit if some unforeseen event (including but not limited to civil commotion, sabotage, lockout, strike or other labour disturbances, accident, fires, natural disasters and other “Acts of God” war, damage to the Bank’s facilities or of its correspondent bank(s) absence of the usual means of communication or all types of transportation, etc beyond the control of the Bank prevents it from performing its obligations with the specified service delivery parameters.
If the proceeds of the Cheque were credited to the Savings Bank Account and was not withdrawn, the amount so credited will not qualify for payment of interest when the Cheque is returned unpaid. If the proceeds of the Cheque were credited to an overdraft/loan account, interest shall be recovered at the rate of 2% above the interest rate applicable to the overdraft /loan from the date of credit to the date of reversal of the entry if the Cheque/instrument was returned unpaid to the extent the bank was out of funds.