Policy for collection of local/outstation cheques/DDs

1. Immediate Credit of outstation cheques/DDs

The Bank shall offer facility for immediate credit of outstation cheques/DDs (will also include refund order by IT, dividend or interest warrants) of up to Rs.15, 000 relating to operating accounts of all individual depositors (as specified below) without making any distinction about their status, i.e. current/savings. This facility shall be offered for cheques/DDs drawn on outstation centres where ICICI Bank has Branch(es). A Non-MICR cheque drawn on a MICR location shall not to be considered for immediate credit. No local instruments shall be considered for immediate credit under this Policy.

The facility shall be extended at the request of the customer and shall be subject to following charges:

• Normal collection charges as per the Schedule of Charges
• Immediate credit charge of Rs.2 per Rs.1000 or part thereof

This Immediate credit facility shall be subject to the account fulfilling the following criteria:

• Operating accounts of Individuals (NRO (savings), NRE (savings) accounts, Minor accounts, Young Star and Bank@campus accounts shall not eligible)
• The account should be in Indian Rupees
• The cheque/DD should be drawn on a scheduled commercial bank, payable in India (excluding a co-operative bank)
• The facility shall be extended to a customer at his/her Base branch only
• The account should have been opened more than one year back. In case of the I-kit accounts the period shall be considered from the date of activation
• Cheques shall not be post dated/out of date/nearing out of date (to avoid risk of return in clearing). The cheque must be deposited at least 7 working days from the date of expiry of the cheque.
• The account shall not have been charged for non-maintenance of Quarterly Average Balance in last three months / one quarter.
• The account shall not be “inactive” or “dormant”.
• The account shall not have had any cheque return charges – both for Inward & outward clearing in last three months preceding the Immediate credit request
• The amount of immediate credit, whether for a single or multiple cheques/DDs, shall not exceed Rs.15, 000 in an eligible account, at any point in time.
• There should be no partial immediate credit of a cheque/DD.
• The cheque shall not be the customer’s own cheque from another account i.e. not a self-drawn cheque.
• This limit of Rs.15, 000 for immediate credit is exclusive of the normal powers delegated to the Branch Head for cheque purchase.

In the event of the cheque/DD being returned unpaid, the Bank shall immediately debit the customers' account with

• Normal charges for dishonor as per the Schedule of Charges; and
• The Cheque/DD value.

If there are insufficient funds in the customer's account to recover the above amount – in full or part, the Bank shall, allow Temporary Overdraft (TOD) for such amount as falling short. Branch shall immediately contact the customer requesting him to settle the TOD. Bank shall take steps as is deemed fit, including legal proceedings to recover any dues against the TOD.

2. Time Frame for Collection of local/outstation cheque/DD

The following time frames shall be followed for collection of local/outstation cheque/DD for domestic accounts and NRI accounts (NRO savings, NRE savings in Indian Rupees) – of individuals, without making any distinction about their status, i.e. current/savings.

• For local cheque/DD:Cheques deposited before the cut off time*, will be credited to customer's account on the same working day or the next working day, subject to the maximum of four working days, depending upon the clearing practice for the centre.
• For outstation centres - where ICICI Bank has branch(es): 7 working days
• For outstation centres where ICICI bank does not have a presence, the bank shall ensure collections on a “Best effort” basis.

* as applicable for the location (for drop boxes, within the time indicated on the drop box)

Under no circumstances it shall be construed that bank can take 4/7 days for collection merely because the period has been allowed. Once the proceeds are realized, they should be credited to the customer's account immediately

• “Working” days shall not include Bank Holidays and days when clearing house in not operational.


• For outstation Cheques, working days will be considered at both the ends/centres.
• A Non-MICR cheque drawn on a MICR location shall not to be considered for Time frame commitment as above.

3. Interest Payment for delayed collection of outstation cheque/DDs

In case of delay in credit of the Local/outstation cheque/DD in domestic accounts and NRI accounts (NRO savings,

NRE savings in Indian Rupees) – of individuals, beyond the time frame set by the Bank as at point 2 above, the Bank shall pay interest to the customer at the applicable savings bank interest rate for the number of days exceeding the time frame specified at point 2 above.

• The aforesaid interest amount shall be credited in the customer's account simultaneously with the credit for the cheque/DD realization. This will happen through the system automatically, without the client requiring to make any claim for the delay.
• Outstation cheque/DD, to which immediate credit has been provided as per point 1 above, shall not be eligible for payment of interest on delayed realization.
• Customers can contact the Branch/Branch Head for more details. In case any customer has a grievance relating to issues in the above matters, he/she may inform the Bank through any of the channels – branch, Internet banking, phone for resolution.