Bank Holiday : All Banks will Remain Closed from 18th to 22nd February, Know why RBI Announced the Holiday.

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Bank Holiday : The Reserve Bank of India (RBI) releases the list of bank holidays every year. These include Sundays, the second and fourth Saturdays of the month, national holidays, and some state festivals. However, on holidays bank branches remain closed, but digital banking services such as UPI, NEFT, IMPS, internet banking, and ATMs continue to function. Money transactions do not come to a complete halt.

Bank Holiday : Banks will remain closed for 3 consecutive days

Next week, in some states, banks will remain closed for three consecutive days. However, this will not apply across the entire country; it will be implemented on different dates in different states. If a person lives in these states, banks will remain closed there on these specific dates.

From 15 February till the end of the month, banks will remain closed for about 5 days. Therefore, if you need to deposit a cheque, get a draft made, or visit the bank for any work, make sure to check the dates first.

  • 18 February (Wednesday): Banks will remain closed in Sikkim due to Losar (Tibetan New Year).
  • 19 February (Thursday): Holiday in Maharashtra on account of Chhatrapati Shivaji Maharaj Jayanti.
  • 20 February (Friday): Banks will remain closed in Mizoram and Arunachal Pradesh due to State Day.
  • 22 February (Sunday): Weekly holiday.
  • 28 February (Saturday): Fourth Saturday holiday.

Digital banking will work during bank holidays

Banks being closed does not mean your work will stop. Digital banking services run 24 hours. You can send money through UPI and pay bills. Transactions through mobile and internet banking are completed within seconds. However, if you need to visit a branch to do RTGS, this facility will not be available on holidays.

RBI Holiday Categories

The Reserve Bank divides bank holidays into three parts:

  1. Negotiable Instruments Act Holidays:
    On these days, cheque clearing and branch-related work are affected.
  2. RTGS Holidays:
    On these days, the Real Time Gross Settlement facility is not available through bank branches.
  3. Banks’ Closing of Accounts:
    This holiday is usually observed on 1 April for annual account closing and bookkeeping.

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