If the EMI of your home loan or auto loan goes, then this news is of your use. Now you have to take full care of your account balance even on bank holidays.
If the EMI of your home loan or auto loan goes, then this news is of your use. Now you have to take full care of your account balance even on bank holidays. Because your EMI can be deducted even during bank holidays. Actually RBI has made a big change in this matter. Salary, pension, interest, dividend and other payments and investments can be made on all days of the week through National Automated Clearing House (NACH). This new system is being implemented from August 1. NACH is a payment system, which is operated by NPCI.
SIP process will also be faster
The effect of the change in the rules of NACH will also be seen in the Systematic Investment Plan ie SIP process. In the current era of Kovid 19, it is taking an average of 2 weeks for mutual fund investment through SIP. Some small banks are taking even longer than this. Changes in the rules of NACH i.e. every day payment and transfer facility will accelerate this process.
Keep the required balance in the bank account at the time of EMI
After the new system being implemented by RBI, you will have to keep the full balance in your bank account when your EMI time is near. Many times it happens that after the completion of 1 month of EMI, there is a bank holiday. In such a situation, EMI is deducted on the next day. But now the installment will be deducted from your account even if it is a Sunday or a holiday. Not only this, along with EMI of Home / Car / Personal Loan, all bills including mutual fund SIP, electricity, water or telephone will now be paid from your account even on bank holidays.
Salary also on holiday
Usually companies transfer the salary to the account on the last date of the month. But if that day is a Sunday or a holiday, then the salary transfer is done a day before. But from August 1, with the facility of NACH 24 hours 7 days, companies can transfer the salary anytime if they want. Presently, NACH takes place only on the days when banks are functional. But from August 1, this facility will be available on all days of the week.
Let us tell you that NACH provides one-to-many credit transfer facility. For example, payment of dividend, salary, interest, pension. Along with this, electricity bill, gas bill, telephone bill, water and mutual fund payment, insurance premium payment can also be done through this. NACH is one such payment service.
