Speed Clearing refers to collection of outstation cheques through the local clearing. It facilitates collection of cheques drawn on outstation core-banking-enabled branches of banks, if they have a net-worked branch locally. Speed Clearing aims to reduce the time taken for realisation of outstation cheques. In CBS environment, cheques can be paid at any location obviating the need for their physical movement to the Drawee branch.
Instruments of all transaction codes (except Government cheques) which are drawn on CBS-enabled bank branches are eligible for being presented in Speed Clearing.
Please refer service charges elsewhere for collection of cheque through speed clearing.