![]() ![]() This method would obviously be more customer-friendly as the latter would not be unduly inconvenienced. Some of the banks implementing positive pay have started calling customers who have issued the high value cheques to verify the details. Some other banks, such as State Bank of India (SBI), Kotak Mahindra Bank, have also started implementing the positive pay system for cheques above Rs 50, 000 but these banks have made it optional for customers. ![]() This can create problems for people, especially senior citizens, who have not taken access to net/mobile banking either due to security concerns or due to unfamiliarity with electronic transaction methods. The bank must be so informed prior to the cheque being presented for clearing else the cheque will not be rejected. This is because some banks, such as Axis Bank, have made positive pay system mandatory for high value cheques whereby customers are required to inform the bank about the cheque details via net/mobile banking or physical visit to the branch. If you do not have Internet banking access for your savings bank account, then you may find it tedious or cumbersome to issue cheques above Rs 50,000 in value depending on the bank on which it is drawn. Spend P2P Data Center Fuel Rates Diesel Rates Petrol Rates Bank Pan Number Bank holidays Penny Stocks MF Ratings & NAV Top Performing Schemes Top Star Rated Schemes Top Tax Saving Schemes Highest Risk Adjusted Return New Fund Offers Forthcoming Dividends NPS Top Performing NPS Scheme Most Consistent NPS schemes ETF Perfomance Latest Prices Listed Bonds Traded in Cash Market ULIPs ULIP Schemes Calculators Recurring Deposit Calculator Fixed Deposit Calculator LTCG Tax Calculator Income Tax Calculator Rent Receipt Generator SIP Calculator IFSC Bank Code NPS Calculator Invoice Generator EPF Calculator House Property Income HRA Calculator Sukanya Samriddhi Calculator Education Loan Calculator Car Loan Calculator Home Loan Calculator Personal Loan Calculator Risk Tolerance Calculator Financial Fitness Calculator Buy Online Health Insurance Car Insurance 2 Wheeler Insurance Interest Rates Recurring Deposit Rates Fixed Deposit Rates Bank Fixed Deposits Rates Post Office Schemes Rates MCLR Loan EMI Participate & Win Stocks & Shares ET Wealth ET Wealth Editions Buy Wealth Magazine ET Wealth Newsletter ![]()
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