ESAF Small Finance Bank have implemented ‘Positive Pay’ to ensure customers’ safety in cheque payments and to reduce instances of tampering of cheque leaves. Positive Pay involves reconfirming key details of the cheques wherein, the issuer of the cheque submits the below mentioned details of the cheque to the Bank before handing it over to the beneficiary.
- Cheque number
- Cheque date
- Beneficiary / Payee Name
- Cheque Amount
The above details can be submitted by the account holder through Retail Internet Banking platform or at the nearest branch by filling up a Positive Pay form.
- Insufficient and incorrect details may lead to cheque return.
- Availing of this facility for cheques amounting to Rs.50,000/- and above is at the discretion of the account holder. It is recommended that the account holders avail the facility for all cheques of Rs.5,00,000/- and above.
- To enable the Positive Pay system, the above mentioned cheque details should be submitted to the bank one working day prior to the cheque presentation date.
- Only those cheques which are compliant with the above instructions will be accepted under dispute resolution mechanism at the CTS grids.