Alert!  If you pay by check, then be careful, if you miss, you may face penalty

Alert! If you pay by check, then be careful, if you miss, you may face penalty

Alert! Now you have to be more careful before giving a check to any person or organization. The Reserve Bank of India (RBI) has made major changes in the banking rules, which have come into effect from August 1.

cheque book

If you pay by check then this news is important for you. Now you have to be more careful before giving a check to any person or organization. The Reserve Bank of India (RBI) has made major changes in the banking rules, which have come into effect from August 1. The central bank has decided to keep the National Automated Clearing House (NACH) operational for 24 hours. This rule will also be applicable in all government and private banks.

Under this new rule, your check will be cleared even on a holiday. Even though this will reduce the time taken for clearance, but now you also need to be careful because now checks issued on Saturday can be cleared on Sunday also. That is, for the clearance of the check, you have to keep balance in your account at all times, otherwise you may have to pay a penalty if your check bounces. Earlier, while issuing the check, the customer thought that the check would be cleared only after the holiday, but now it can be cleared on the day of the holiday as well.

What is NACH?

NACH is called National Automated Clearing House (NACH). It is run by the National Payments Corporation of India (NPCI) in the country. Bulk payment is usually done through this. NACH is one such banking service. Through which companies and common man complete their every payment of every month easily and without any tension. It is operated by National Payments Corporation of India (NPCI).

There are two types of NACH Mandate

There are two types of NACH mandates. There is a NACH debit. It is commonly used for telephone bill payment, SIP in mutual funds and payment of electricity bills. At the same time, there is a second NACH credit. NACH credit is used to pay salary, interest, pension and dividend. That is, now you will not have to wait from Monday to Friday to get all these facilities, these works will also be done on weekends.

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