From August 1, NACH will be available 365 days
Jul 27, 04:07

From August 1, you can pay for mutual fund SIPs, loan instalments and utility bills instantly through the year. A bank account with your salary will also get credited on a Sunday or bank holiday. This was paved by RBI, which said in June the NACH system, a centralised framework that consolidates electronic clearance services, operated by National Payments Corporation of India, will function on all 365 days. Currently, NACH is available only on days when banks are functioning. It means auto-debit instructions are not processed during holidays. Once NACH receives standing instructions, you are no longer required to issue monthly cheques because the money is automatically deducted from your bank account.

Caution customers must take