POSITIVE PAY SYSTEM

 Positive Pay System  involves re-confirmation of key details of the check by drawer to the Bank, which would be cross-checked with the presented check at the time of payment processing

Positive Pay System will be  effective for checks with a valuation of more than Rs 50,000 . All account holders issuing checks for sums of Rs 50,000 and above will be able to use it, depending on the banks

As   per concept of Positive Pay System, the issuer of the check submits certain minimum details of that check like Check Number, Check Amount, Check Date, Payee/Beneficiary Name to the drawee bank. Positive Pay System will be available for all account holders issuing checks for amount of  Rs. 50000 and above . 

The Positive Pay System, developed by the National Payments Corporation of India, is a process of reconfirming the key details of large value cheques

The Positive Pay service is usually active within three business days. IMPORTANT:If RICE is selected, immediately upon enrollment, all checks presented for payment will appear as exceptions for you to review and provide a decision.

Positive Pay System enables an additional security layer to the cheque clearing process wherein the issuer (drawer) of the cheque shares cheque details with the Bank

The cost for Positive Pay is $50 per month per account. There is no set up fee and no per item fee