SBH introduces Express Clearing in twin cities

Hyderabad, June 7 (UNI) State Bank of Hyderabad today announced introduction of express clearing in the twin-cities of Hyderabad and Secunderabad effective today.

SBH had put in place systems for clearance of local cheques within one working day. Cheques drawn on SBH will be cleared on the same day.

A jumbo drop box is placed at Service Branch (Methodist Complex, Abids) for the convenience of customers. This box is cleared every half an hour for processing of cheques/DDs. This will also facilitate late clearance of cheques, a release from the bank said.

The release said the bank used state-of-the-art technology to centralise its clearing operations. All cheques received at branches and drop boxes of the bank in twin-cities are transported thrice a day to service branch for their processing.

Cheques drawn on its branches are processed within an hour.

Demand Drafts drawn on SBH, Hyderabad are similarly processed, but the credit is afforded thrice a day.

Cheques drawn locally on other banks are processed, collected and credited on the next working day, the release added.

Customers of SBH from other centres (outside twin-cities) can now deposit cheques/DDs (drawn on Hyderabad based branches of any bank) in any of the drop boxes in twin cities. The cheques/DDs will be processed, collected and accounts will be credited by service branch at Hyderabad.

On this occasion, SBH is also introducing issue of demand drafts (non-cash transactions only) up to 1900 hrs in select branches.

UNI