Salaries, pensions can now be credited to accounts 24×7

The RBI has announced that that NACH will function 24x7 starting August 1

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Starting August 1, customers can now have their salaries and pensions credited to their bank accounts seven days a week and 24 x 7. This will help them carry on with important payments, such as EMIs and other transactions without having to wait for a bank working day. The Reserve Bank of India (RBI) has altered the rules of the National Automated Clearing House (NACH). While earlier its facilities were available only from Monday to Friday, henceforth, it will be available throughout the week and at all times whether day or night.

This move will be of great benefit to bank customers, as they will be able to take advantage of the availability of real-time gross settlement (RTGS) at all times. Customers will not have to wait for a working day any more.

Among other changes, customers with accounts with the India Post Payments Bank (IPPB), will have to shell out more to use the doorstep services. Till now, the service was available free of cost. Starting August, Rs 20 plus GST will be charged for the same. The good news is that there will be no limit to the number of transactions.

The limits of cash transactions are being revised by ICICI Bank. Starting this month, customers holding savings bank accounts with ICICI will be allowed only four free transactions. Beyond that they will have to pay Rs 150 per transaction.

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