What does it mean?
- You will get salary, pension, FD interest etc credited to your bank account even during weekends and bank holidays. You don’t have to wait for bank working day.
- Your EMI, Mutual Fund SIP would be debited from your bank a/c on the said dates even if it falls on a weekend or bank holiday.
This Govt decision optimizes digital transactions even further.
@Prayag @Akash_Shah I have a question:-
Will this step also help investors receive mutual fund redemption amount faster? If T+X falls on a weekend or bank holiday, will the AMC now transfer the redemption amount using 24x7 NACH even on a bank holiday or weekend, or do we still have to wait for banks to open?
Does anyone have clarity on this?
Reference:
https://www1.nseindia.com/products/content/equities/mutual_funds/clearing_settlement.htm