If you have to do any work related to banking, then this news is for you. From today onwards, except Saturday, banks will remain closed for three days. Therefore, it is important to check the list of holidays before going to the bank so that you can plan your work accordingly. These holidays are based on the RBI list.
RBI divides bank holidays into three different categories:
Holidays under Negotiable Instruments Act—This means government holidays on which banks are completely closed, such as Holi, Diwali, Christmas, Ganesh Chaturthi, Eid, etc. These affect check clearing and branch-based banking.
RTGS Holidays—Holidays under this Act vary from state to state depending on the festivals and traditions. These days, bank branches remain closed, but digital services remain operational. Real-time gross settlement transactions are not processed at the branch on RTGS holidays.
Closing of bank account – Every year April 1 is celebrated as account closure day. Since the new financial year starts from this day, the bank employees are busy in completing the accounts of the previous financial year, hence even though the bank is open, there is no one to provide service at the counter.
When will banks be closed?
February 18 – Banks will remain closed in Sikkim for the Losar festival, which is considered the first day of the Tibetan New Year. Except Sikkim, banks in rest of the country will function as usual.
February 19 – Banks will remain closed in Maharashtra for the birth anniversary of brave Chhatrapati Shivaji Maharaj.
20 February – Banks will remain closed for State Day in Arunachal Pradesh and Mizoram. However, bank operations in other states will continue as usual.
22 February – Banks will remain closed across the country due to Sunday. This will impact banking services for a total of four days.
use online banking
However, you can use online banking, net banking and UPI apps even when the bank is closed. Money transaction can be done through NEFT or RTGS. Transactions can also be done using credit or debit cards. You can also use ATM machine to withdraw cash. Digital banking lets you request checkbooks and demand drafts, update your account and set your PIN. However, for purposes like check clearance, cash deposit or loan application, you will have to wait till the branch reopens.