Cheque Bounce Charges for ICICI

191 votes

When a cheque issued by you bounces, it has the potential of causing immense damage in case the receiver wishes to sue you in the Court of law. Apart from this, even the banks levy charges upon the customers if the cheque is bounced or dishonoured.

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Charges Levied by Banks in India

As stated earlier, when a cheque bounces, the banks charge a fee. Both the defaulter and the payee could be charged by their respective banks. This fee is generally an NSF fee i.e. when there are insufficient funds in the account and the bank decides to bounce the cheque. Not all banks charge the same amount, the fee varies from one bank to another. The amount of this fee depends upon the reasons and nature of cheque bounce and the kind of account. This charge may also attract GST.
 

ICICI policy for charges for Cheque Bounce / Returns is as follows:

1. Local Cheque Deposited by Customer - Rs. 100 for every cheque returned for financial reasons

2. Cheque Issued by Customer - Rs.350 for one cheque return per month; Thereafter, Rs.750 per return in the same month for financial reasons,  Rs.50 for non-financial reasons except for signature verification.

Transfer cheque returns will be charged at Rs. 350 per return for financial reasons.

3. Outstation cheque deposited by customer - Rs.150 plus other bank charges at actuals per cheque
 

Consult: Top Cheque Bounce Lawyers in India

LawRato LawRato

648 votes

If a cheque bounces due to insufficient funds or any other technical reason, such as signature mismatch, both the defaulter and the payee are charged by their respective banks.

The penalty charges for cheque outward return are close to Rs. 300 for most banks, while charges for cheque inward return are about Rs. 100.

The penalty charges vary from one bank to another, and are different for different account types. Premium accounts usually have higher penalty charges.

Advocate Tushar Kumar LawRato