North India Statesman
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After depositing the check, we all have the same tension – “When will the money come to the account?” Sometimes one day, sometimes two days… and if there is a check of another city, the wait becomes even longer. But now this story is about to change, especially if your account is in HDFC or ICICI Bank.
The country’s two largest private banks, HDFC and ICICI, are going to bring a very big and great feature for their customers. From October 4, 2025, these banks are starting a new system, which will clear your check on the day you submit it.
What is this new change?
What used to happen till now? When you deposit a check in the bank, it goes to the ‘clearing’ process and the money takes 24 to 48 hours for your account to be credited 24 to 48 hours, or sometimes even more.
But under this new ‘bean-day clearance’ system, if you submit your check for a fixed time in the morning, then the money will come to your account by evening on the same day. It will be exactly faster like NEFT or RTGS.
Who will get the most benefit?
The most benefit of this change will be to those traders and businessmen who have millions of transactions with checks. Often their work stops due to the money being stuck. Now their money will not be stuck and the business car will run fast.
Apart from this, it will also be a huge relief for common people who buy property, car or pay for any other big work. They will be comforted that the money has reached the right place immediately.
It is part of the Reserve Bank of India (RBI) to make the banking system faster and better. Initially this feature may be probably for large amounts of checks, but it is a great start, which will completely change banking experience.
