New Rules for Salary, Pension, and EMI Payment will be Applicable from August 1!

New rules from August 1: The Reserve Bank of India (RBI) has further changed the rules of the National Automated Clearing House (NACH) and according to the new guidelines, the services of NACH will be available for seven days a week. Currently, these services are available only when banks are open, from Monday to Friday.

Sometimes, the first day of the month falls on the weekend, because of which people have to wait till Monday, for their salary to be credited. But, from next month (1 August), people you will not have to wait for a working day to see the most awaited message, ‘Salary of XXXX has been credited into your account XXX-XXXXXX-XX. The available balance is XXXX’.

All important banking transactions like salary, pension, and EMI payments will happen 24X7 with effect from August 1, 2021. During the credit policy review of June, RBI Governor Shaktikanta Das had announced that in order to further enhance the convenience of customers, the National Automated Clearing House (NACH) will be available on all days of the week.

Currently, the first day of the month sometimes falls on a weekend due to which the salary is delayed for the next working day to get the money credited into their accounts.

RBI Governor Shaktikanta Das during the central bank’s credit policy review last month had announced several key financial, economic measures amid the pandemic. Among other measures, Das announced 24×7 availability of RTGS and NACH from August 1, 2021.

NACH is a bulk payment system operated by the National Payments Corporation of India (NPCI). Which facilitates various types of credit transfers such as dividend, interest, salary, and pension. Apart from this, the facility of payment of electricity bill, gas, telephone, water, loan EMI, mutual fund investment, and insurance premium payment is also provided. Meaning now you will not have to wait for Monday to Friday i.e. Week Days to get all these facilities, this work will be done on Weekends also.

Also Read: NPS Scheme: 5 big benefits of investing in National Pension System

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