What rules apply to a bank if they don’t process a cheque on time, either when they receive it from a customer directly or from another institution?
The time that a bank will take to process a cheque (local and outstation) is clearly mentioned at the bank branch, or, in most cases, also on the bank’s website. If the bank has failed to process a cheque and credit your account within the specified time, you should take up the matter with the bank where you had deposited the cheque. In most cases, the problem would get solved here itself. However, if you fail to get a satisfactory answer, you should approach the banking ombudsman. Ideally, when you deposit a cheque in a bank branch, you should get the receipt stamped. This will prove the date the cheque was deposited on.
