Do Cheques clear straight away?
Cheques can remain uncleared for five business days including the date of deposit.
This includes bank cheques.
If a cheque is deposited using a Smart ATM, the deposit will reflect immediately, and the cheque will take 5 business days to clear..
How many days it will take to clear Cheque in SBI?
1.11 Cheques deposited at branch counters and Cheques deposited in the drop-box within the branch premises, before the specified cut-off time, will be sent for clearance on same day, for which the clearance period will be T+1 working day.
Can a check clear in one day?
Most types of checks take about two business days to clear, though some banks and credit unions are speedier (jump to a list of banks that clear checks fast). … Cashier’s and government checks, along with checks drawn on the same financial institution that holds your account, usually clear faster, in one business day.
Why does it take 4 days to clear a Cheque?
The main reason that cheque clearing still takes up to 6 days upon first paying in the money is that cheques are physical pieces of paper. … Some say that cheques take so long to clear because banks earn interest while cheques hang in limbo.