New Delhi. If you pay through cheque, then now you have to be more careful than before. Actually, the Reserve Bank of India (RBI) has made some changes in the banking rules that came into force from August 1. The Central Bank (RBI) has now decided to provide round the clock bulk clearing facility. The National Automated Clearing House (NACH) is working round the clock since this month.
The National Automated Clearing House System (NACH) is now available seven days a week and 24 hours a day in the country. Along with its benefits, one also needs to be careful. Now you have to be more alert in the matter of paying by check and EMI. Let’s know about the new rules…
RBI New: There should be balance in the account at all times
Let us tell you that under the new rule, now the cheque will be cleared even on the day of the bank holiday. In such a situation, there should be a minimum balance in your account at all times. Therefore, before issuing the cheque, ensure that the bank account has sufficient balance otherwise the check will bounce. If the check bounces, you will have to pay the penalty amount.
EMI will also be affected
Let us tell you that if you are paying by cheque, then you have to keep the same caution regarding EMI, Automated Insurance Premium, SIP. Because if the due date of their deduction may also fall on the day of Bank Holiday. In such a situation, it is necessary to keep sufficient balance in the account.
Learn what is NACH?
NACH, a bulk payment system operated by the National Payments Corporation of India (NPCI), facilitates one-to-many credit transfers such as payment of dividend, interest, salary and pension.
It also provides facilities for collection of payments related to electricity, gas, telephone, water, periodic installments for loans, investments in mutual funds and insurance premiums.
