Bank Holiday On Raksha Bandhan: But, Will SBI, HDFC, ICICI, Other Banks Be Shut On Fifth Saturday On August 29

The majority of banks are closed in some cities on August 28 due to the celebration of Raksha Bandhan. However the next day is a fifth Saturday that falls on August 29. The question is whether banks will be open on the last Saturday of the month.

Bank Holiday On August 28

As per RBI's holiday list, banks are closed in cities like Ahmedabad, Bhopal, Dehradun, Gangtok, Jaipur, Jammu, Kanpur, Kochi, Lucknow, Raipur, Shimla, Srinagar, and Thiruvananthapuram.

However, banks are still operational as normal in some cities on August 28. These cities include Agartala, Aizawl, Belapur, Bengaluru, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Imphal, Itanagar, Kohima, Kolkata, Mumbai, Nagpur, New Delhi, Panaji, Patna, Ranchi, Shillong and Vijayawada.

The holiday is based on statewide cultures and events. On August 28, a host of celebration is taking place across the country, such as Raksha Bandhan, Pang-Lhabsol, Friday following Eid-i-Milad-ul-Nabi, Sree Narayana Guru Jayanthi, and Ayyankali Jayanthi.

Raksha Bandhan 2026:

Raksha Bandhan is a popular and traditionally Hindu annual rite or ceremony that is central to a festival of the same name celebrated in South Asia, and among people around the world influenced by Hindu culture, as per Wikipedia.

Pang-Lhabsol 2026:

Pang Lhabshol, a festival commemorating the consecration of Mt.Khangchendzonga as the guardian deity of the state, is unique to Sikkim. It has its origin in the Lepcha people's belief that the mountain is their place of origin and has its roots in Lhatsun Chenpo's ( propagator of Buddhism in Sikkim) vision. It is said that while meditating in a cave at Dzongri in West Sikkim, the mountain god Khangchendzonga appeared to him, as per Utsav government website.

Sri Narayana Jayanthi 2026:

Sri Narayana Jayanthi is a state festival of Kerala. It is celebrated on Chathayam day during the Onam season in Chingam month of Malayalam calendar. It marks the birthday of Narayana Guru, a saint and a social reformer of India who fought against the caste system of Hindu religion, as per Wikipedia.

Ayyankali Jayanthi 2026:

Ayyankali (28 August 1863 - 18 June 1941) was an Indian social reformer, educator, economist, lawmaker, and revolutionary leader. He worked for the advancement of oppressed people in the princely state of Travancore. His struggles resulted in many changes that improved the socio-political structure of Kerala. His determined and relentless efforts transformed the lives of Dalits. He is known as the King of Pulaya, as per Wikipedia.

Will Banks Be Closed On August 29?

August 29th is a fifth Saturday and a working day for all banks in India. This includes SBI, HDFC Bank, ICICI Bank, Axis Bank, IndusInd Bank, Kotak Mahindra Bank, Bank of Baroda, Canara Bank and Punjab National Bank among others.

Since September 1, 2015, RBI has made it mandatory for all scheduled and non-scheduled banks-public, private, foreign, cooperative, regional rural and local area banks-to observe a public holiday on second and fourth Saturdays.

RBI's rule stated that the Banking Departments in Regional Offices of the Reserve Bank will remain open for the full day on working Saturdays as required to support the functioning of the Financial Markets and the Payment Systems. Government business will be transacted at agency banks on working Saturdays.

Since August 29th is neither second or fourth Saturday, it is identified as a working day hence.