In the present cheque clearing system, cheques deposited are physically transported from banks or building society branches to central clearing centres, where they are processed before being exchanged with the relevant banks and building societies for payment. It is a slow and labour-intensive process. ICICI Bank UK PLC meets the requirements of the 2-4-6 cheque clearance process implemented by all UK banks and building societies. The 2, 4 and 6 refer to the number of working days after a cheque has been paid into an account. Working days are Monday to Friday, except bank holidays. So, for example, if you pay in a cheque on a Monday, you will see it in your statement the same day, it counts towards interest on Wednesday(2), you can use the money on Friday(4) and ICICI Bank cannot take the payment out of your account after the following Tuesday(6).

Changes from 30 October 2017

The Cheque and Credit Clearing Company (which manages the cheque-clearing system) has announced that from October 30, 2017, there’ll be a new, image-based clearing system. UK banks and building societies will clear cheques by exchanging cheque images instead of exchanging physical cheques and from the second half of 2018 cheques will be cleared much faster which means you will have faster access to your money. We will also change the way we process cheques at our branches. More details will be provided as we get closer to the implementation date.