Banks will remain closed for 11 days in May. These include four national and regional holidays for bank employees as well as the regular ones – Sundays and second and fourth Saturdays. According to the Reserve Bank of India (RBI), some of these four bank holidays will be observed across the country and some are only region-specific. In the first week itself, banks will shut for three days, including May 1, which is Sunday. Despite the holidays, bank customers will be able to transact using online banking facilities and through mobile applications.
And, if you have to visit a bank branch, plan as per the holiday list.
The RBI categorises banking holidays in the following groups:
– Holidays under Negotiable Instruments Act.
-- Holiday under Negotiable Instruments Act and Real-Time Gross Settlement Holiday.
-- Banks' Closing of Accounts.
The guidelines state that banks in India will have to stay closed on dates specified by it for holidays. However, not all banks across the country remain closed on all holidays. There are some holidays that are region-specific.
May 2: Eid-UI-Fitra. Banks in Kochi and Thiruvananthapuram will remain closed.
May 3: Shree Parshuram Jayanti/Eid-UI-Fitra/Basava Jayanti/Akshaya Tritiya. Banks in most places will remain shut, except Kochi and Thiruvananthapuram.
May 9: Rabindranath Tagore's birth anniversary. Banks in Kolkata will remain closed.
May 16: Buddha Purnima. Banks in Agartala, Belapur, Bhopal, Chandigarh, Dehradun, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Raipur, Ranchi, Shimla and Srinagar will remain shut.
In April this year, banks remained closed for a total of nine days, besides weekends.
There is no holiday, in addition to the weekends, scheduled for June and only one in July (for Bakrid or Eid al Adha).