Cut-off time for cheque presentment now 11am, return cut-off 12 noon

The Bangladesh Bank has changed the daily timings for interbank cheque clearing and electronic fund transfer as banks are operating on a limited scale amid coronavirus lockdown.  

The presentment cut off time for high value clearing using the Bangladesh Automated Cheque Processing Systems is 11am, while the return cut off time is 12 noon, said the central bank in a circular Wednesday.    

This means to clear an interbank cheque worth Tk5 lakh or more, banks will have to give input to the automated cheque processing system within 11am. On the other hand, if any bank wants to return a cheque received from others, it will have to provide the automated system with the input within 12 noon.        

The presentment cut off time for regular value clearing – cheques below Tk5 lakh – has been set at 11.30am while the return cut off time for such cheques will be 1.30pm.   

Transactions using the Bangladesh Electronic Funds Transfer Network will remain unchanged. At present, banks have to complete the clearing through the network twice a day -- at 10am and 2pm.

Transaction timing through the Real Time Gross Settlement System – which allows instantaneous money transfer – has been set at 10am to 1pm.

The central bank said the new timings will remain in effect until further notice.