Speed Clearing

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Speed Clearing

Speed Clearing

Union Bank is participating in a 'Speed Clearing' facility introduced by Reserve Bank of India. The Speed Clearing system is available in metro centres, Presently in 66 MICR locations only. Under the Speed Clearing system, cheques payable at any CBS branches of any banks and at any centres are realized through local clearing instead of through outstation collection.

Benefits:

Customers in Presently in 66 MICR locations will get credit of outstation cheques payable at CBS branch of the Bank through local clearing i.e. on 2nd day.
Cheques issued by Union Bank customers from anywhere in India will get cleared in the local clearing at metro centres (Presently in 66 MICR locations only and at other centres, as and when introduced), if deposited at these centres by the beneficiary.