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Greater Safety with Positive Pay
- To ensure greater safety on cheques issued from GSC Bank Accounts, a new service has been introduced. This service is known as Positive Pay and can be accessed from GSC Bank Mobile Banking Application.
- In Positive Pay all you need to do is enter the details of issued cheque like Cheque Number, Cheque date, Payee name, Account number, Amount, MICR Code etc. along with an image of the cheque on the Positive Pay App of GSC Bank, before handing it over to the beneficiary.
- When the beneficiary submits the cheque for encashment, the cheque details are compared with the details provided to the Bank through Positive Pay. If the details match, the cheque is honoured. In case of mismatch in cheque details, the cheque is referred back to you.
- This system of cross-checking ensures greater safety & lesser chances of fraud on the cheques issued by you.
Please Note: Use of positive pay service is mandatory in case of cheques for amounts of Rs 50,000 and above.
