SBI customers can share issued cheque details with positive Pay system online through mobile banking and net banking.
Positive Pay System enables an additional security layer to the cheque clearing process wherein the issuer of the cheque shares cheque details with the Bank. When the beneficiary submits the cheque for clearing, the presented cheque details will be compared with the details provided to the Bank through Positive Pay.
To avail this facility, the account holder needs to share cheque details at the time of issuance of the cheques for amounts of `50,000/- and above online through Internet Banking and Mobile Banking app SBI.
Here we will tell you step by step, how to register for SBI positive pay system.
SBI Positive Pay Online Registration through Mobile Banking
1# Login to SBI YONO Lite Mobile Banking and select the “Requests” tab.
2# Next screen select “Positive Pay System”
3# Now on the next screen tap on “New Registration”
4# And next screen, select your account number, select “All Cheques” option if you want to share all issued cheques details to positive pay, OR select the “Cheques beyond prescribed limit” option if you want to share only those prescribed limit cheques details which set by you. Enter the limit if you selected the second option and submit.
That’s it you are now registered with SBI positive pay system and now you can share your issued cheque details with positive pay online.
If you want to de-register or need to modify your preference then select Deregister/modify option and change your option/limit or deregister your account.
Register SBI account with Positive Pay online using net banking
1# Login to SBI net banking and click on “Request & Enquiries – Cheque Book Services‘ As you can see in the below screenshot.
2# Now select the”Positive Pay System” option on the next screen.
3# Next screen select your account number, select “All Cheques” OR “Cheques beyond prescribed limit” option and set the limit, and submit your request.
Hope you now understand what is positive pay system and how to register an SBI account with positive pay online. It is not mandatory but if you are issuing an above 5 lac cheque then it is recommended to share cheque details with positive pay system before handover to the payee.