Your Cheque may bounce! new rules...
NACH will be active 24 hours a day, according to the new set of regulations ordered by the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW">reserve bank of india (RBI) at the beginning of August. people will be able to get their checks cleared even on weekends thanks to this reform, which will be adopted in all national and private banks. They will no longer have to wait until weekdays to collect their money. The user of a cheque will be able to have their cheques cleared on any given day, including holidays.
People who are accustomed to clearing their checks on business days may need to adapt their procedures because cheques signed by them can be cleared on non-business days as well. bank account holders, on the other hand, will need to maintain a minimum amount in their accounts at all times, since quick clearance time comes with a caution.
If your check is processed quicker than expected and bounces, you will be required to pay a fee or penalty. To avoid this added bother, keep a small amount in your bank account at all times. Previously, this was not a concern because checks were not approved on weekends or holidays. On weekdays, many consumers changed their balances to avoid these circumstances. However, the RBI's new rule represents a significant shift in banking procedures.
People who are accustomed to clearing their checks on business days may need to adapt their procedures because cheques signed by them can be cleared on non-business days as well. bank account holders, on the other hand, will need to maintain a minimum amount in their accounts at all times, since quick clearance time comes with a caution.
If your check is processed quicker than expected and bounces, you will be required to pay a fee or penalty. To avoid this added bother, keep a small amount in your bank account at all times. Previously, this was not a concern because checks were not approved on weekends or holidays. On weekdays, many consumers changed their balances to avoid these circumstances. However, the RBI's new rule represents a significant shift in banking procedures.