Procedure for change in designated Clearing Banks
In case a Clearing Member wishes to shift their settlement account from one designated Clearing Bank to another, the following procedure shall be followed:
- The clearing member shall submit their request letters as per the format enclosed below as Annexure on their letterhead to INDIA ICC for their intent to shifting their settlement account from one designated clearing bank to another. Additionally CM also needs to obtain and submit the NOC (No Objection Certificate) from the old clearing bank on bank letterhead and letter from the new clearing bank confirming the account details of the clearing member.
- As soon as the formalities are completed, India ICC will inform the member about the date from which they can start their clearing and settlement operations from new designated clearing bank. However, till such time, India ICC will continue to debit /credit the member's existing clearing bank account.
Annexure Format of member’s request letter for change of designated Bank