Will Banks Remain Closed On January 1, 2025? What You Need To Know

The year 2024 is coming to an end. In the new year, several changes will come into effect that will impact the lives of a large number of people. Many are also wondering if banks will remain close on the first day of 2025. The confusion has emerged because Reserve Bank of India (RBI) has not released its holiday list for next year. In January 2025, banks will be closed for 15 days - these holidays include second and fourth Saturday, Sundays, festive, regional and national holidays.

Are banks closed on January 1, 2025?

There are expectations that January 1, 2025, will be a bank holiday, in large parts of the country in accordance with the RBI's 2024 list that showed bank holidays in Aizawl, Chennai, Gangtok, Imphal, Itanagar, Kohima, Kolkata and Shillong.

Also Read | Complete List Of Public Holidays In India

However, the National Portal of India has listed January 1 as restricted holiday and not a gazetted one, so it's not clear if banks will remain closed on the first day of the new year.

Even if the banks are closed, customers should note that their websites and mobile banking services will remain active. They can carry out daily transactions through these and ATMs.

Meanwhile, since state governments also announce their holidays, banks will remain closed in Mizoram and Sikkim on New Year's Eve (January 31, 2024).

RBI's bank holiday list

RBI announces holidays based on different festivals and events in different states. So, it is best to check with your local bank branch for their holiday schedule or list ahead of time to be properly informed and make preparations in case of emergencies or long weekends.

RBI releases the bank's holiday calendar every year under the provisions of the Negotiable Instruments Act. Some holidays are also observed as banks' closing of accounts.