Bank Holidays 2024: Will banks remain closed on 16-17 October? Here's all you need to know

All public and private banks will remain closed for two days in a row this week, according to the holiday list of the Reserve Bank of India (RBI). So, if you’re planning to visit your bank between October 16 and 17, 2024, it’s important to be aware of the upcoming bank holidays. However, these holidays vary by city, so it’s crucial to check local schedules to avoid any inconvenience.

On October 16, banks will be closed for Lakshmi Puja, primarily affecting branches in Agartala and Kolkata. However, most banks in other cities will remain open, making it an ideal opportunity for individuals outside the affected areas to complete their bank related tasks.

The holiday schedule concludes on October 17, as banks will observe Maharshi Valmiki Jayanti and Kati Bihu. On this day, banks in Bengaluru, Guwahati, and Shimla will be closed, while operations will continue as usual in other cities.

In case of urgent need for cash, all banks run their online websites and mobile banking apps continuously, even on weekends or holidays, unless there are specific notifications to users. Additionally, you can utilise any bank's ATM to withdraw cash. 

Meanwhile, the Reserve Bank of India (RBI) establishes the holiday schedule on both a monthly and yearly basis, categorising bank holidays into three types: Holidays under the Negotiable Instruments Act, Real Time Gross Settlement Holidays, and Banks’ Closing of Accounts. Due to India's diversity, these holidays can differ greatly from state to state and even between cities.

Additionaly, alongside festive holidays, it is important to note that banks are specially closed on the second and fourth Saturdays of each month. Notably, if a month includes a fifth Saturday, banks will operate as a regular working day. Earlier, banks used to function for half a day on Saturdays, but this practice has changed in recent years.