An on-us item is a check or other item that is payable by a depository bank to its own customer or to the customer of another depository bank that has an account with the first bank. In order for an item to be considered on-us, it must be presented for payment at the paying bank on which it is drawn. What is CRR and SLR? The Cash Reserve Ratio (CRR) is the percentage of deposits that banks are required to hold as cash reserves with the RBI. The SLR (Statutory Liquidity Ratio) is the percentage of deposits that banks are required to maintain in the form of cash, gold or other approved securities.
What does off us check mean? Off us checks are checks that are not processed by the bank that issued them. Instead, they are processed by another bank, typically one that is located in a different state. Because of this, off us checks can take longer to clear than other types of checks. What is remote on us? The term "remote deposit" or "remote on us" simply refers to the ability to deposit a check into your account without having to physically visit a bank branch. This can be done either by mailing in the check or by using a mobile app to take a picture of the check and deposit it electronically.
What is local check?
A local check is a check that is drawn on a local bank. This means that the check is payable at a bank that is located in the same city or town as the payee. Local checks are typically used for small transactions, such as paying for a meal at a restaurant or purchasing groceries. What is a collection item in banking? A collection item is an outstanding debt or financial obligation that has been placed with a collection agency for recovery. This can include items such as past-due credit card balances, outstanding medical bills, or any other type of outstanding debt.