Bank Holidays 2024: Why Banks Will Be Closed On October 26 And October 27? Find Out!

Bank Holidays 2024: Indian banks are scheduled for a two-day holiday from October 26 and October 27. Several reasons for bank holidays are weekend, fourth Saturday and also Accession Day. If you are planning to carry any financial transactions at your bank branches, check the list of city-wise bank holidays, to know if they are closed or opened.

October 26:

All banks will be closed in India due to October 26 being a fourth Saturday. Notably, October 26 is also the occasion of Accession Day which would also mean that banks in cities like Jammu and Srinagar will be closed.

Banks are closed on the second and fourth Saturdays of every month in addition to the above-mentioned bank holidays. The fifth Saturday of a month with five Saturdays is a working day for banks. In the past, banks would only open for a half-day on Saturdays.

October 27:

On this day, banks will be closed across the India as well due to it being a default holiday as it is a Sunday.

There are a total 18 bank holidays in October 2024. This is including 2 second and fourth Saturdays, and four Sundays. While there are 12 special holidays which means occasions like festivals. In October, there were festivals like Navratri, Dussehra, and occasions like Gandhi Jayanti, assembly elections and even Kati Bihu among others.

These 18 holidays exclude the closure of the RBI office in New Delhi which was on October 24.

It is the RBI that decides on bank holidays every year. The holidays are divided into three categories such as -- Holiday under the Negotiable Instruments Act; Holiday under the Negotiable Instruments Act and Real Time Gross Settlement Holidays; and Banks' Closing of Accounts. Bank holidays in India 2024, vary from state-to-state and city-to-city.

What transactions you can carry at your bank branches? As per the guidelines of RBI, all money market segments, namely, call/notice/term money, market repo and Collateralised Borrowing and Lending Obligation(CBLO) will remain open on all working Saturdays as on any normal business day.

While payment services such as Real Time Gross Settlement (RTGS), National Electronic Fund Transfer (NEFT), Cheque Clearing operated by various Bankers' Clearing Houses in the country including the grid-based Cheque Truncation System (CTS) and ECS suite [Electronic Clearing Service (ECS), Regional Electronic Clearing Service (RECS) and National Electronic Clearing Service (NECS)].