The word “cheque drop box” is now an haunting factor for all Indian bank customers. Earlier it used to be just private banks, but now the government banks are joining in too.
What is this problem ??
When you walk into your branch to make an account payee Cheque deposition, the bank branch may ask you to drop the cheque on a drop box by just attaching the deposition slip with it. There will be no proof of deposition given.
When you ask your Branch Manager for proof, he may insist that, as per new rules, all banks have stopped providing proof of deposition and its now mandatory for all customer to deposit the cheque on the drop box.
What happens if there is no proof ??
Yes, a valid question. What may get wrong if you don’t get any proof as its A/C Payee cheque, as theoretically only your account can encash it.
How ever thats only theoretical, Now some hard facts,
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Suppose if you deposit a cheque which is from a bank branch of same city, as per RBI (Reserve Bank of India) guide line, your bank is bond to encash the cheque within 3 days and credit the amount under your account. As there is no proof of deposition you will not have any power to ask the bank why the cheque is not yet been encashed !!
- The bank will no longer take any responsibility after they lose a cheque, as you will never be able to prove that you really deposited a cheque !!
What to do then ??
Please note, there is no such rule which says one must have to drop the cheque in the drop box without deposition proof.
Infact, as per RBI guide line, it is mandatory for all banks operating in India to provide proof (acknowledgment) of cheque receipt. Drop box is completely a voluntary decision of a customer, banks have no right to direct a customer to drop the cheque on the drop box without proof of deposition.
RBI Guide Lines
Cheque drop Facility-RRBs
Cheque Drop Box Facility and the facility for acknowledgment of cheques
My problem and my fight with SBI
