T+0 Frequently Asked Questions
What is T+0 Clearing?
Outward Clearing: Cheques drawn on UAE Banks presented in the clearing within Bank's agreed cut-off time of 10:00 am will be cleared the same day and depositors account will be credited on the same day after 6:00 pm on receipt of settlement from Central Bank.
Inward Clearing: Cheques received for payments through inward clearing upto 11:00 am will progressively be debited to the customers account on same day starting from 7.30 am. Financial referrals need to be responded latest by 2:30 pm
What is the cut off time for same day clearance of outward clearing?
Cheques received by branches before 10:00 am are to be scanned/ verified by the branches starting from 8.00 am until 10:15 am since they will be presented for same day clearance.
Note: Branch should verify the cheque images as soon as it gets uploaded/ scanned in ICCS system. Any delay from branch may consequently lead to delay in settlement.
When will customers accounts get credited for value of deposited cheques?
After 6:00 pm same day for cheques received by branches upto 10:00 am and presented in the outward clearing by 11.00 am.
When will customers get the return cheques?
Within 2 working days from the date of settlement.
When / what time will customers accounts will be debited for inward clearing cheques?
Progressively from 7.30 am as and when cheques are received from Central Bank right upto 11.00 am. Cheque amounts will be debited to customer’s accounts for the settlement date.
Till what time can the customer deposit funds against clearing settlement to his / her Account?
For cheques received through inward clearing funds should be available from date of writing the cheque or from the date of the cheque for PDCs, but no later than by 2:00 pm.