• No immediate credit of local cheques will be given in view of our efficient clearing procedures, which ensure that delays do not occur in realisation of the proceeds of the cheques. All cheques and instruments payable locally are presented through the clearing system prevailing at the centre. Cheques deposited at branch counters and in drop boxes before a specified cut-off time (displayed at the notice board of each branch) are taken up for processing and presented for clearing locally on the same day. Cheques deposited after the cut-off time at the branch and in drop boxes placed at the branch premises and off-site ATM centres are presented in the next clearing cycle. Withdrawal against the cheques so presented is permitted after the cut-off time as per the cheque return schedule of the local clearing house. High value (cheques above Rs 1.00 lakh) clearing facility is provided at a centre to the customers depending on the local clearing house rules. Where no clearing house exists at a centre, cheques are presented across the counter and the proceeds are credited at the earliest.
• Immediate credit up to Rs. 15,000/- (maximum limit outstanding per account at any one point of time) will continue to be given for only those outstation cheques that are drawn on Axis Bank centres, at the sole discretion of the Branch Head after carefully verifying the satisfactory conduct of the account, creditworthiness of the customer and the genuineness of the need of the customer.
• The facility will be not be provided by default but will be extended upon a written request made by the customer.
• Rs. 250 will be charged in each such case as a flat fee over and above the normal collection charges.
• In the event the cheque is returned unpaid, interest at commercial rate will be charged from the date of credit of the cheque till the date on which the amount is made good by the customer.

• For local cheques the time lines for local clearing will apply. The account holder is allowed to withdraw funds after the cut-off time as per return clearing norms in vogue at the centre. Instruments presented in high value clearing (with the minimum value of Rs 1 lakh) are credited on the same day in accordance with the local clearing house rules wherever it is applicable.
• For outstation cheques there will be the following two categories of time lines:-


• Cheques drawn on Axis Bank centers other than in the North Eastern states to be credited within 7 working days.
• Cheques drawn on Axis Bank centres in the North Eastern states to be credited within 10 working days.
• For non-Axis Bank centres, the Bank shall ensure collections on a 'Best effort' basis as it will have to depend on the correspondent/drawee banks for this purpose. Accordingly, an outer limit of 21 working days has been provided for the purpose of collection from these centres.

• Compensation at the Savings Bank rate of interest will be paid for any delay beyond the stipulated period for collection.

The following guidelines are applicable in case of cheques lost in transit:-

• In respect of cheques lost in transit or in the clearing process or at the paying bank's branch, the branch should immediately bring the same to the notice of the accountholder so that the accountholder can inform the drawer to record 'stop payment' and can also take care that other cheques issued by him are not dishonoured due to non-credit of the amount of the lost cheques/instruments.
• The onus of such loss lies with the collecting banker and not the accountholder.
• The branch will reimburse the accountholder with related expenses for obtaining duplicate instruments and also pay interest for reasonable delays occurred in obtaining the same.
• If the cheque/instrument has been lost at the paying bank's branch, the collecting branch will have a right to recover the amount reimbursed to the customer for the loss of the cheque/instrument from the paying banker.
• The Bank will compensate the account holder in respect of instruments lost in transit in the following way:-


• In case intimation regarding loss of instrument is conveyed to the customer after the time limit stipulated for collection for various centres, interest will be paid for the period exceeding the stipulated collection period at the savings bank rate of interest.
• In addition, the Bank will pay interest on the amount of the cheque for a further period of 15 days at savings bank rate to provide for likely further delay in obtaining duplicate cheque/instrument and collection thereof.
• The Bank would also compensate the customer for any reasonable charges he/she incurs in getting duplicate cheque/instrument upon production of receipt, in the event the instrument is to be obtained from a Bank/institution who would charge a fee for issue of duplicate instrument.

The Bank shall not be liable to compensate customers for delayed credit if some unforeseen event (including but not limited to civil commotion, sabotage, accident, fires, natural disasters or other "Acts of God", war, damage to the Bank's facilities or of its correspondent bank(s), absence of the usual means of communication or all types of transportation, etc beyond the control of the Bank prevents it from performing its obligations within the specified service delivery parameters.