Time Frame for Collection of Local / Outstation Cheques / Instruments: The Bank has revised the time frame for collection of local and outstanding Cheques / instruments based on the RBI circular dated November 24, 2008. The argument from ICICI bank can be that SBI bank took more time to clear the check but that was not the case. Clearing day-hold refers to the time taken for funds from the cheques which have been cleared to be credited into the payee's account. They can now deposit their local USD cheques at any UOB Group Branch before 1pm (instead of before 10am) as well as benefit from a reduced clearing time of two days (instead of three days). 3. ONLINE ENTRY MADE. Next business day: Non-business Days: Next business day * Under normal circumstances. Please check the status before you stop your cheque. For USD Cheques Customers now enjoy a later cut-off time and a shorter clearing time for local USD cheques. the rest will follow phase by phase. Cheque Deposit Time: Remarks* • Monday - Friday • Mondays - Fridays (for Kuala Terengganu and Kelantan) • Up to 04:00 PM: Same day credit • After 04:00 PM. Activate your Standard Chartered credit/debit card for local or overseas usage in 3 simple steps. The account holder is allowed to withdraw funds after the cut-off time as per return clearing norms in vogue at the centre. Why can't I stop my cheque? The same-day image cheque clearing system, or ICCS, will benefit customers by reducing to a single day the time it takes for a cheque to clear. For local cheques the time lines for local clearing will apply. LOCAL CHEQUE DEPOSIT. example:-bank into SAVINGS ACC on 10am/MONDAY =fund will be available on 9.01PM/Tuesday. Outstation Cheques 1) Local Cheques All cheques and other negotiable instruments payable locally would be presented through the clearing system prevailing at the centres. Go to Account Tab > Cheque Management. The time taken would depend on the type of cheque deposited, that is, whether the cheque is a house cheque 1, local cheque 2 or outstation cheque 3. Amount. KUALA LUMPUR, April 8 (Bernama) –– Bank Negara Malaysia is introducing the cheque truncation and conversion system (CTCS) to replace the current cheque clearance system. Collection timings for local cheques drawn on own branches of bank (Transfer cheques) 1 Cheques deposited across the counter and in the Branch drop Box The Bangko Sentral ng Pilipinas (BSP) said the number of days in the clearing of checks would be reduced to one day from the current three starting January 2017. and all banks in malaysia will use 2days for clearing chq into SAVINGS ACC. *above example is based on: SBI cleared the check on 20th December 2013 Morning which even suggests that I deposited the check before the clearance on 18th of December and as 19th was bank holiday, it was presented for clearance on 20th December Morning and SBI cleared the check the same day. but currently a few banks has started this 2days clearing. ... Standard Chartered Bank Malaysia Berhad makes no warranties, representations or undertakings about and does not endorse, recommend or approve the contents of the 3rd Party Website. You cannot stop any cheque which has already been cleared. 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