Mumbai, March 26: As the financial year comes to a close, banking operations face key adjustments to accommodate year-end transactions. With March 31 marking the deadline for financial settlements, the Reserve Bank of India (RBI) has issued directives to ensure the smooth processing of government-related payments, tax collections, and other critical transactions. However, with multiple holidays falling around the same period, customers are left wondering if banks will remain open or closed for regular transactions on March 29, 30, and 31, 2025.
While March 30, being a Sunday, is a standard holiday, March 31 was initially listed as a public holiday in most states for Ramzan-Id (Id-Ul-Fitr). However, to prevent disruptions in financial reporting, agency banks will remain open on March 31, as per RBI’s instructions. With different states observing varying holidays, let’s take a closer look at the complete banking schedule for the upcoming days. Is 31st March a Bank Holiday? RBI Cancels March 31 Bank Holiday; All PSBs, Private Banks To Remain Open for Fiscal Year-End Closures.
Will Banks Remain Open or Closed on March 29, 30 and 31?
Banks usually remain closed on the second and fourth Saturdays of the month; however, as March 29 falls on the fifth Saturday this year, banks will remain open on that day. The Reserve Bank of India (RBI) has issued a notification stating that March 30 (Sunday), typically a holiday, will see select banks like SBI and HDFC remain operational for government-related transactions, such as tax payments and settlements. Furthermore, March 31, which coincides with Eid-ul-Fitr, has also been declared a working day for processing financial transactions, as it marks the closing of the fiscal year 2024-25. Bank Strike in India Date: Banking Services To Be Affected From March 22 to 25 As Union Calls for Nationwide Strike, Know Their Demands Here.
Transactions You Can Do This Saturday, Sunday and Coming Monday
On March 29, 30, and 31, customers can perform a variety of banking transactions, including:
- NEFT (National Electronic Funds Transfer): Customers can transfer funds electronically between banks, as this system operates even during holidays.
- RTGS (Real-Time Gross Settlement): Real-time settlement for large-value transactions will be available during these dates.
- Government Transactions: Transactions related to Income Tax payments, GST, Customs, and Excise duties, pension payments, subsidies, and government salaries will continue. Banks will clear all cheques related to government accounts.
- Online Banking: Customers can use mobile banking, net banking, and ATM services for routine transactions like money transfers, bill payments, and account queries.
- Cheque Deposits: Though cheques may not clear immediately, they can still be deposited and processed after the holidays.
Despite the usual holidays, banks will remain open on March 29, 30, and 31 to ensure smooth processing of essential transactions, especially those related to the closing of the financial year. This decision comes in light of the Reserve Bank of India’s directive, emphasizing the need for uninterrupted government-related financial services. Customers can expect to access key banking services such as NEFT, RTGS, and government transactions during these dates. However, it is advisable to confirm with local branches for specific services and timings.
(The above story first appeared on Today News 24 on Mar 26, 2025 09:57 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website todaynews24.top).
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