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Wednesday, July 28, 2021

Now the salary will be credited even on holidays

 From August 1, many transactions made by the bank will also be possible on Sundays and holidays.  The RBI has decided to continue the National Automated Clearing House (NACH) system for seven days.  That means you no longer have to wait for the weekend to end on Saturday and Sunday for salary or pension.

 Apart from that, the installment will also be deducted from your account on the day off.  This means that from August 1, working days will no longer have to wait for necessary transactions like salary, pension and EMI payment.

 What is NACH?

 NACH is a massive payment system.  It is managed by the National Payments Corporation of India (NPCI).  This system facilitates transfer of payments like dividends, interest, salary, pension to multiple accounts simultaneously.

 It also offers payment of electricity, telephone, gas, water related bills and collection of loans, mutual funds, insurance premiums.  For example, when a customer agrees to an electronic clearance service (ECS) with a bank, the money is automatically deducted from the account by NACH.  NACH has emerged as a popular digital mode for Direct Benefit Transfer (DBT) to a large number of beneficiaries.

NACH સીસ્ટમ વિશે Detail ન્યુઝ રિપોર્ટ અહિથી વાંચો

 Salary will be credited to your account even on holidays

 After the launch of this new facility, the salary can be deposited in the bank account of the employees even on Sundays or holidays.  In addition, all automatic payments from your account can be made on Sundays and holidays.

 It also includes payment of bills like mutual fund SIP, monthly installment (EMI) of home-car or personal loan, telephone, gas and electricity.  The reason for not having a holiday transaction so far is that most companies use NACH for salary and other types of payments.  Its facility is not available on Sundays or bank holidays.  At present this facility is available in banks only on working days.

 Keep a sufficient balance in the bank to avoid penalties

 If you have availed the facility of automatic payment or ECS of any type of EMI or bill from your bank account, keep adequate balance in the account from 1st August.  If you do not do this and the payment fails due to low balance, you may be penalized by a bank or other financial institution.  Under the current system, due to insufficient balance on Sunday and deposit on Monday, installments or bills are paid on Monday.

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