RBI Guidelines on Banking Transactions; Salary Pension Will Be Credited On Holidays | Salary will also be available on the day of bank holiday from August 1, bank will also deduct EMI from your account

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  • RBI Guidelines On Banking Transactions; Salary Pension Will Be Credited On Holidays

New Delhi5 hours ago

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From August 1, many of your transactions with the bank will be able to be done on Sundays and holidays also. RBI has decided to keep the National Automated Clearing House (NACH) system operational for seven days. That is, now you will not have to wait for the passing of Saturday and Sunday i.e. weekend for your salary or pension.

Apart from this, the installment will also be deducted from your account on the holiday. That is, from August 1, you will no longer have to wait for working days for important transactions like salary, pension and EMI payment.

What is NACH?
NACH is a massive payment system. It is operated by the National Payment Corporation of India (NPCI). This system provides facility to transfer payments like dividend, interest, salary, pension to multiple accounts at the same time.

Apart from this, it also provides the facility to make payments related to electricity, telephone, gas, water and collection of loans, mutual funds, insurance premiums. For example- money is automatically deducted from the account through NACH when the customer gives consent to the Electronic Clearance Service (ECS) to the bank. NACH has emerged as a popular and leading digital mode for Direct Benefit Transfer (DBT) to the beneficiaries at large.

Your salary will be deposited in the account even on holiday
After the introduction of this new facility, salary can be deposited in the bank account of the employees even on Sundays or holidays. Apart from this, all types of payments made automatically from your account will also be able to be done on Sundays or holidays.

It also includes mutual fund SIP, monthly installment (EMI) of home-car or personal loan, payment of bills like telephone, gas and electricity. The reason why there is no holiday transaction as of now is that most of the companies use NACH for salary and other types of payment. This facility is not available on Sundays or Bank Holidays. At present, this facility is available in banks only on working days.

Keep enough balance in the bank to avoid penalty
If you have taken the facility of automatic payment of any EMI or bill or ECS from your bank account, then from 1st August, maintain sufficient balance in the account. If you do not do this and the payment fails due to low balance, then a penalty may be imposed on you by the bank or other financial institution. Under the current system, if there is not enough balance on Sunday and money is deposited on Monday, the installment or bill is paid on Monday.

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