NACH is such a banking facility, through which companies and common man can easily do the necessary transactions of every month.
The Reserve Bank of India (RBI) made an important change in the country from this month, which will be of great benefit to the job seekers. From August 1, the facility of National Automated Clearing House (NACH) is available every day. Whereas earlier this service was available only on all working days of banks.
What is NACH?
It is an advanced version of Electronic Clearing System (ECS). NACH is such a banking facility, through which companies and common man can easily do the important transactions of every month. The NACH service is run by the National Payments Corporation of India (NPCI). RBI Governor informed that National Automated Clearing House has emerged as a popular and prominent medium of DBT. This has helped in the transfer of a large number of government subsidies to the beneficiaries.
The check will be cleared even on the day of holiday, keep in mind
that under this, now the check will be cleared even on the day of the holiday. But in such a situation, people now also need to be cautious. This is because now a check issued on Saturday can be cleared on Sunday also. That is, you have to keep a balance in your account at all times for the clearance of the check, otherwise penalty can be imposed if the check bounces. Earlier, while issuing the check, the customer thought that it would be cleared only after the holiday. But now it can be cleared even on holidays.
Apart from this, there are other benefits of NACH facility being available 24 hours – EMI will be deducted
from the account even if there is a bank holiday
With the facility available 24 hours a day, your EMI will be deducted from your bank account even when there is a bank holiday. All bills including mutual fund, loan EMI, telephone will now be paid even during bank holidays.
Salary will also come on holiday.
At present, most companies use National Automated Clearing House to deposit salary in the account of their employees, due to which salary does not come in your account on the day of bank holiday. But now with this facility available 24 hours a day, money will be credited to your account even on holidays.
Bulk transactions are done through NACH. Through this, payments like salary, dividend to shareholders, interest and pension transfer are made. Apart from this, electricity, telephone and water bills are also paid through the National Automated Clearing House. Usually bulk payments are made through this
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