NACH: From August, the day fixed for payment, even if it is a bank holiday, the payment will be directly debited from your account.
Generally, when the governor of the Reserve Bank makes the monetary policy decision public, most of the people’s eyes are on the things to be done on the interest rate, economic growth rate, inflation rate etc. Not only this, along with monetary policy, the central bank also announces changes in some rules or new facilities, but there things related to the market make headlines, but sometimes small things with big benefits are left out of sight.
One such thing was said by Reserve Bank Governor Shaktikanta Das in his statement on Friday before the last remarks. He said that the National Automated Clearing House i.e. NACH will now work every day of the week instead of the bank’s working day. Since the facility of Real Time Gross Settlement i.e. RTGS has been started every day, now with the introduction of NACH every day, there will be many changes for you.
Now you will ask what is NACH? The answer came only in Das Saab’s statement. NACH is a system of bulk payment, which is operated by the National Payments Corporation of India (NPCI). Through this, an individual, an institution, a company or even the government can simultaneously transfer dividend, interest, salary, pension etc. to the bank account of more and more people. Not only this, through this system, loan installments / electricity bill / mobile bill / investment amount / insurance premium etc. can be deposited in the bank simultaneously on behalf of many people. NACH has become an important digital medium for depositing money under the government scheme directly into the account of the beneficiary.
You must be wondering what does NACH mean to you in its new form? Many companies distribute salary through NACH so that money reaches the account of all its employees at the same time. Since till now this facility is available only on the working days of the bank, then you do not get salary on the fixed holidays except second and fourth Saturdays. This will not happen from 1st August, because NACH will be operational every day with RTGS. Is it not a matter of convenience.
Now be careful.
For the borrowers of the bank loan, the day to repay the installment is fixed. Similarly, the day is fixed for investing in SIP, paying premium or bills. For all this, many of us give the consent to auto debit to the banks i.e. direct payment from the account on the due date. The advantage of this is that we do not have to remember the date, it is only necessary that sufficient amount is present in the account on the due date.
It has been happening so far that if the due date of payment is a bank holiday, then this work will not be completed on that day but on the next working day. Till now many times it must have happened that on the day which is fixed for payment, there is not enough amount available in your account, but it happens on the next day, and on the same day your payment is being processed, then you have to get some kind of money. No penalty has to be paid.
This will not happen from August onwards. The day which is fixed for payment, even if it is a bank holiday, the payment will be deducted directly from your account. In such a situation, it is necessary that now make sure that on the date on which your payment is due, there is sufficient amount in your account on that date. In this way you will be able to avoid fines. By the way, if you keep a regular eye on your bank account, keep an eye on it now and do not think about the bank holiday, because now it will not affect your salary deposit and payment.
