Cheque not clear yet?

Question

I've submitted cheque  on 30-11-2015 of amount rs 85690 in branch at humbran road ludhiana punjab. but my cheque is not cleared yet. I've contact so many times to depositary branch but the always said cheque is in transist from ludhiana to delhi because of post office cheque. but 1 month already has been passed and don't know how much more it will be. I'm in very much needed of money its so much important to me . kindly please help me and clear check asap.

Answer 1

Dear Sahil,

At the outset, let me clarify that this site is designed by a group of senior Banking Professionals to assist Bank Customers at large to provide guidance for resolution of any complain/query/grievance in respect of financial services. This site does not belong to any Bank or a regulator, which may please be noted.

As regards your complaint the clarification provided by RBI, relevant to your case is reproduced below for your guidance and information:

What is the timeline for realization of local and outstation cheques and compensation payable if there are delays in affording credit?

Outstation Cheques

Maximum time frame for collection of cheques drawn on state capitals/major cities/other locations are 7/10/14 days respectively.

If there is any delay in collection beyond this period, customer is entitled to receive compensation at the rate specified in the Cheque Collection Policy (CCP) of the concerned bank. In case the rate is not specified in the CCP, interest rate on Fixed Deposits for the corresponding maturity to be paid. Banks' cheque collection policy also indicates the limit up to which outstation cheques are given immediate/instant credit.

Regards

J R Mohandas