Can I know a bank’s Cheque Collection Policy ?
Like in most countries, banks in India also are required to develop their own individual policy / procedures relating to collection of cheques. You are entitled to receive due disclosures from the bank on the bank’s obligations and the customers’ rights at the Point of Sales ( POS ) itself. Broadly, the policies formulated by banks should cover the following areas: • Immediate credit for local/outstation cheques • Time frame for collection of local/outstation instruments • Interest payment for delayed collection Banks are obliged to disclose their liability to you by way of interest payments due to delays for non-compliance with the standards set by the banks themselves. You are eligible to be compensated by way of interest payment even if no formal claim is lodged by you.
