The new rule will further lessen the time and notably, you have to keep a minimum balance in the bank account so that it gets cleared easily.
The Reserve Bank of India (RBI) has already come up with a few new rules in banking transactions from August 1 and one such rule is related to the cheque book.
The apex bank has come with a new change that the National Automated Clearing House (NACH) will remain operational 24 hours a day and this will be seen in all national and private banks. That said, this new rule will benefit the cheque book users as their issued cheques will be easily cleared on a holiday. This means that the issued cheques will be cleared on a Saturday or Sunday too.
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The new rule will further lessen the time and notably, you have to keep a minimum balance in the bank account so that it gets cleared easily. If you process the cheque faster, then there is a high chance that it may get bounced and then you will be liable to pay the penalty of a fine. This is a major overhaul when it comes to banking.
It is important for customers to keep in mind that NACH will be operational all hours of the day and even on holidays. NACH is basically a bulk payment system that is operated by the National Payments Corporation of India (NCPI). It also facilitates several types of transactions such as salaries, pensions, interest, dividends and so on.
