Bank holidays in August 2024: Banks will be closed for 13 days 每 check the complete list here

Bank Holidays in August 2024: In India, banks observe holidays throughout the year. These include national holidays, state festivals, and other significant days. August 2024 brings a series of bank holidays across India, with banks closing for a total of 13 days throughout the month. These closures include weekends, public holidays, and state-specific celebrations. Whether you're planning to visit your bank or handle important transactions, it＊s crucial to be aware of these dates to avoid any last-minute surprises. The Reserve Bank of India (RBI) sets these holidays, which are categorized into Negotiable Instruments Act holidays, Real-Time Gross Settlement (RTGS) holidays, and Banks' Closing of Accounts days. On these days, banks are closed and traditional banking services are unavailable.

Importance of Digital Banking Solutions

Even when banks are closed, digital banking services keep financial transactions going. Online banking platforms, mobile apps, and digital payment methods like UPI, IMPS, and net banking are still available. These tools let you handle various financial tasks smoothly, even on bank holidays.

State-Specific Bank Holidays

Each state in India also has its own regional festivals and holidays. These state-specific holidays add to the variety of bank holidays and can differ from one region to another.

Regular Weekly Bank Holidays

Besides the holidays set by the RBI, banks in India are closed on the second and fourth Saturdays of each month, as well as on Sundays. These regular weekly holidays should be kept in mind when planning your banking activities.

According to RBI guidelines, banks will be closed on August 3, 8, 13, 15, 19, and 20. Additionally, banks will be closed on Sundays, which fall on August 4, 11, 18, and 25, and on the second and fourth Saturdays, August 10 and 24.

Overview of Bank Holidays in August 2024

In August 2024, banks will observe holidays due to weekends, public holidays, and state-specific festivals. Typically, banks are closed on the second and fourth Saturdays of each month, as well as on Sundays. Additionally, public holidays and state-specific celebrations contribute to the number of closed days.

National and Regional Bank Holidays in August 2024

Here is a detailed list of bank holidays in August 2024:

• August 3 (Saturday): Banks will be closed in Agartala for Ker Puja.
• August 4 (Sunday): Banks will be closed nationwide for the weekend.
• August 8 (Thursday): Banks in Gangtok will be closed for Tendong Lho Rum Faat.
• August 10 (Saturday): Banks will be closed across the country due to the second Saturday.
• August 11 (Sunday): Banks will be closed nationwide for the weekend.
• August 13 (Tuesday): Banks in Imphal will be closed for Patriot's Day.
• August 15 (Thursday): All banks across India will be closed for Independence Day.
• August 18 (Sunday): Banks will be closed nationwide for the weekend.
• August 19 (Monday): Banks will be closed in Tripura, Gujarat, Odisha, Uttarakhand, Rajasthan, Uttar Pradesh, and Himachal Pradesh for Raksha Bandhan.
• August 20 (Tuesday): Banks in Kochi will be closed for Sree Narayana Guru Jayanthi.
• August 24 (Saturday): Banks will be closed across the country due to the fourth Saturday.
• August 25 (Sunday): Banks will be closed nationwide for the weekend.
• August 26 (Monday): Banks will be closed in Gujarat, Odisha, Chandigarh, Tamil Nadu, Uttarakhand, Sikkim, Andhra Pradesh, Telangana, Rajasthan, Jammu, Uttar Pradesh, West Bengal, Bihar, Chhattisgarh, Jharkhand, Meghalaya, Himachal Pradesh, and Srinagar for Janmashtami or Krishna Jayanthi.

Categories of Bank Holidays

The RBI categorizes bank holidays into three main types:

• Negotiable Instruments Act Holidays 每 These are days when banks are closed due to specific statutory holidays.
• Real-Time Gross Settlement Holidays 每 These holidays impact transactions that are settled in real-time.
• Banks' Closing of Accounts 每 These are designated days when banks close their accounts for the year-end or financial year-end.

Plan Your Bank Visits

Given the number of bank holidays in August 2024, it's important to plan your banking activities in advance. Ensure you complete any necessary transactions before these dates to avoid any disruptions. Keep an eye on your bank's specific holiday schedule as it may vary by location.

For a smooth banking experience, make a note of these bank holidays and adjust your plans accordingly.

For the latest and more interesting financial news, keep reading Indiatimes Worth. Click here