In sharp contrast, heads of leading card-issuing banks say their terms and conditions, bill statements and websites clearly mention that cheque payment must be made three to five days (in case of outstation cheques) before the due date so that it comfortably reaches their account by the deadline.
Now, suppose there is a string of bank holidays and weekends between cheque deposit and its clearance. If a cheque does not get cleared for reasons over which a consumer has no control, he/ she would still end up paying penal charges.
A senior Mumbai banker admits that due date-related disputes are common and consumers have been demanding clarity on the issue. K Unnikrishnan, deputy chief executive, Indian Banks’ Association, seconds that there is a need to bring in uniformity in cheque deposit norms with reference to due date.
Till the time banks come up with clear guidelines, customers are advised to pay way ahead of the stated due date. Besides, if they end up paying closer to the payment deadline, they must avoid depositing their cheques in drop boxes.
As mentioned earlier, the Reserve Bank of India rules specify that banks must accept all cheques at counters and provide an acknowledgment receipt to the customer. This would serve as a proof of deposit in case of a dispute, if any.
Alternatively, banks are increasingly introducing “cheque deposit machines, which work like a screener and give you a receipt, which is a replica of your cheque with all the details,’’ says a bank executive. Other than the convenience of not having to queue up at a counter, they provide the relevant proof. Consumers must know that dispute resolution relies on documentary evidence.
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