Bank Customer Alert: Your Cheque Will Bounce If You Do Not Follow These Guidelines From This Month

Bank Customer Alert: Customers, who are doing banking transactions this month, here is an important update for you. From the beginning of this month, the Reserve Bank of India (RBI) has brought out new set of rules regarding changes in the banking rules. One such change will now affect people who depend on cheques, specifically their cheque books.

As per the fresh guidelines, the RBI has said that the National Automated Clearing House (NACH) will be operational 24 hours a day. This change will be implemented in all national and private banks, the RBI added. It must be noted that the new change will benefit the cheque user more as issued cheques can be cleared even on a holiday.

However, the customers, who are in the habit of clearing their cheques on a working day, they need to adjust their operations because, with the new rule change, cheques can be cleared on a Sunday too. This new rule is less time consuming,

The customers must keep in mind that they need to keep minimum balance in their bank account at all time, because with the faster clearance time comes a caveat. If the customers process the cheque faster, there is also a chance that it may bounce and in such case, you will have to pay a fine or penalty.

Prior to the new rules, the customers did not have to worry about a cheque clearing on a weekend, but with the new changes, it’s a major shift in how they conduct their banking activities.

Moreover, the NACH is essentially a bulk payment system that is operated by the National Payments Corporation of India (NCPI).  The new system facilitates various types of transactions such as salaries, pensions, interest, dividends and so on. It also acts as a facility through which the average citizen can pay their various bills such as those for water, electricity, gas, phone bills, loan EMI, mutual fund investments, insurance premiums

The new guidelines from the RBI clearly mean that citizens no longer have to wait for the holiday to finish to pay these bills and can do so whenever they choose or at the earliest possible convenience.