Bank Holidays, Akshaya Tritiya: Are Banks Closed On Friday In Mumbai, Delhi, Kolkata, Chennai, Bengaluru?

Banks are in for a long-weekend with three days holiday around the corner starting May 10th to 12th. Banks will be closed on Friday due to the celebration of Akshaya Tritiya. However, it needs to be noted that not all banks will be closed across India especially in the big metro cities like Delhi, Mumbai, Chennai and Kolkata.

This year, Akshaya Tritiya will be celebrated on May 10 across India. Popularly known as Akha Teej, Akshaya Tritiya is the third tithi of the bright half of the month of Vaisakha.

However, as per RBI details, banks in only one city will be closed. And that is Bengaluru.Hence, bankers in this city are up for a relaxing time for three-days long weekend.

Thereby, banks will be opened in cities like Agartala, Ahmedabad, Aizawl, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Dehradun, Gangtok, Guwahati, Andhra Pradesh, Telangana, Imphal, Itanagar, Jaipur, Jammu, Kanpur, Kochi, Kolkata, Kohima, Mumbai, Lucknow, Nagpur, New Delhi, Panaji, Patna, Raipur, Ranchi, Shillong,Shimla, Srinagar, and Thiruvananthapuram.

But it needs to be noted that banks across India will be closed on Saturday and Sunday by default.

Banks are usually closed on the second and fourth Saturday of every month by default. May 11 falls as the second Saturday of the month and hence banks all over India will be closed. While May 12 which is Sunday is a fixed holiday.

If you're planning to visit your bank branches this week for any financial transactions, you might want to note down the dates when your bank is open this week.

Although, digitalisation has made it very easy to carry out banking transactions through mobile phones, ATMs, and the Internet. However, there are still several reasons to visit banks' branches such as transactions related to high amounts beyond maximum limits, foreign exchange transactions, queries and procedures related to accounts in other banks, loan closure or payments, and guidance or help related to bank accounts among others.

Next week as well, banks will have a holiday shortened working period. Most likely banks will be closed for three days due to Lok Sabha General Elections 2024 and State Day.

Overall, in May, there are a total of 9 special holidays for banks excluding the second and fourth Saturdays and four Sundays.

These 9 special holidays are --- Maharashtra Din/May Day (Labour Day) on May 1; Lok Sabha General Elections on May 7; Birthday of Rabindranath Tagore on May 8, Basava Jayanti/Akshaya Tritiyai on May 10, Lok Sabha General Elections on May 13, State Day on May 16, followed by another Lok Sabha General Elections holiday on May 20. Lastly, there is Buddha Pournima on May 23, and Nazrul Jayanti/Lok Sabha General Elections on May 25.

Generally, RBI decides the bank holidays in India, and all public sector banks follow suit including private banks as well.

The central bank has segregated bank holidays into three categories such as Holiday under the Negotiable Instruments Act, Banks' Closing of Accounts, Holiday under the Negotiable Instruments Act, and Real Time Gross Settlement Holidays.

Bank holidays in India 2024, vary from state-to-state and city-to-city, though there are numerous Public Holidays in the year 2024 which are applicable throughout the country.