ICICI Bank will introduce same-day cheque clearance for its customers starting October 4, 2025, reducing the settlement period from the current one to two days. By making funds available on the same day, ICICI Bank aims to improve customer convenience and reduce delays in financial transactions.
The move follows a directive from the Reserve Bank of India (RBI) aimed at modernizing the cheque clearing process and making it more efficient. The bank has already started informing customers via email about the importance of depositing cheques within branch cut-off times to benefit from this faster clearance.
According to the bank, the change is expected to enhance convenience for account holders by speeding up access to funds and reducing delays in financial transactions.
Same-Day Cheque Clearance
The RBI had earlier confirmed that cheque handling across India would move away from batch clearing to a continuous settlement system. The rollout will take place in two phases, with Phase 1 beginning on October 4, 2025, and Phase 2 following on January 3, 2026.
This reform will allow banks to scan cheque images and send them to the clearing house continuously between 10:00 am and 4:00 pm. Instead of waiting for end-of-day settlements, the clearing house will forward cheque images to drawee banks in real time, helping speed up the settlement cycle.
Positive Pay Adds Security
Alongside faster clearance, ICICI Bank is also encouraging customers to use its Positive Pay feature to protect themselves from fraud. This feature requires customers to reconfirm cheque details electronically before the cheque is processed.
For cheques valued above Rs 50,000, customers can share details such as the account number, cheque number, beneficiary name, cheque amount, and cheque date. By verifying these details before clearance, the system adds an extra layer of security and minimises the risk of fraudulent withdrawals.
Customer Impact Ahead
This shift marks one of the biggest changes in India’s banking operations in recent years. For customers, the ability to access funds on the same day will reduce liquidity pressures and improve financial planning. Businesses, too, will benefit from faster working capital cycles, avoiding delays that often affected operations in the past.
However, customers must take note of their branch’s cut-off timings to ensure same-day settlement. Cheques deposited after the cut-off will be cleared the next working day, even under the new system.
Banking Convenience
The combination of RBI’s continuous clearance framework and ICICI Bank’s proactive adoption ensures a seamless customer experience. Faster settlements not only bring relief to individuals and corporates but also strengthen trust in India’s modernised banking ecosystem.
With additional safeguards like Positive Pay, ICICI Bank is positioning itself as a frontrunner in secure and efficient banking. As the banking sector moves toward real-time efficiency, this reform could mark the beginning of a new standard in India’s financial services landscape.
