New RBI order on holiday: Know if banks are open in your state on March 31

Insurance regulator and Income Tax department issue orders to keep offices open on March 29, 30, and 31

The Reserve Bank of India (RBI) has cancelled a scheduled holiday on March 31 to keep banks operational for year-end financial transactions.

 

Banks were to closed, except in Himachal Pradesh and Mizoram, for Ramzan-Id (Id-Ul-Fitr). The new directive ensures seamless processing of financial closures, as March 31 marks the fiscal year's end, requiring increased banking activities such as finalising accounts and financial statements.

 

March 29 is also not a bank holiday since it is the fifth Saturday of the month. According to regulations, banks remain closed on the second and fourth Saturdays, along with all Sundays. 

 

The Insurance Regulatory and Development Authority of India (IRDAI) has instructed insurance companies to keep their offices open on March 29, 30 and 31 to ensure policyholders do not face any inconvenience.

 

The Income Tax Department has also announced that all Income Tax Offices across India will remain open on March 29, 30 and 31 to facilitate the timely completion of pending work. The statement emphasised that since March 31, 2025, is a public holiday, it could impact last-minute tax filings.

 

Banks will be closed on April 1 (Monday) in most states and Union Territories, except Meghalaya, Chhattisgarh, Mizoram, West Bengal, and Himachal Pradesh.

 

However, registered bank customers can use internet banking, SMS, and WhatsApp banking services for both financial and non-financial transactions.

 

Banks remain closed on all national and local holidays, as well as on Sundays, second Saturdays, and fourth Saturdays of each month. However, all bank branches operate on the first, third, and fifth Saturdays, except when a holiday is declared in the Reserve Bank of India’s (RBI) official holiday list.

 

According to the RBI, there are three types of bank holidays: holidays under the Negotiable Instruments Act, Holidays under the Negotiable Instruments Act Real Time Gross Settlement Holidays, and banks’ closing of accounts.