[aaykarbhavan] CHEQUE RETURN FEE

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Banking Services: Cheque Return Fee Only If Customer at Fault

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MONEYLIFE DIGITAL TEAM | 28/05/2013 11:07 AM |   

The Reserve Bank of India (RBI) has asked banks to levy cheque return charges only if the customer is at fault. RBI said that cheques requiring re-presentation, without any recourse to the payee, should be presented at the immediate next clearing not later than 24 hours and customers notified through SMS alert, email, etc.

 

RBI has found that the issue was resulting in 'unsatisfactory customer service'. It was considered necessary to streamline the procedure across all banks. RBI has advised banks to reframe their cheque collection policies (CCPs) for better customer service. Banks are expected to indicate the timelines for realisation of local/ outstation cheques in their CCPs and the charges for cheque returns are expected to be levied upfront with prior notice to the customers.

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