New Delhi. If you pay through check, 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…
The Balance should be in the account at all times,
Tell that under the new rule, now the check 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 there is sufficient balance in the bank account otherwise the check will bounce. If the check bounces, you will have to pay the penalty amount.
Also affect the EMI please tell that are paid by the Czech you that caution EMI, automated insurance premiums, SIP is to keep the range. 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.
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