With the last day of the current fiscal year, users must be concerned if they can complete their banking errands before the new financial year kicks in. Notably, the Reserve Bank of India (RBI) publishes the bank holiday calendar every year. Typically, banks remain closed on national holidays, second and fourth Saturdays, and all Sundays.

The holiday calendar also features festivals and the regulator assigns holidays for festivals based on regional celebrations. Generally, bank holidays are decided by the calendar but sometimes RBI issues notifications to inform about the changes in the list.

Are Banks Open Or Closed Today?

In a move aimed at ensuring smooth financial operations, the RBI has withdrawn the scheduled holiday on March 31, allowing banks to remain open for critical year-end transactions.

Initially, banks across most states were slated to be closed for Ramzan-Id (Id-Ul-Fitr), except in Himachal Pradesh and Mizoram. However, given the importance of March 31 as the last day of the fiscal year, authorities have deemed it necessary to keep banking services operational.

With businesses and individuals rushing to finalise financial statements and complete pending transactions, the decision is expected to ease the pressure on banking institutions.

Other Financial Offices to Remain Open

In addition to banks, regulatory bodies have also taken steps to prevent disruptions. The Insurance Regulatory and Development Authority of India (IRDAI) has directed insurance companies to keep their offices open on March 29, 30, and 31 to assist policyholders.

Meanwhile, the Income Tax Department has confirmed that all Income Tax Offices nationwide will function on these dates to ensure seamless tax-related services.

Highlighting the significance of the move, an official statement from the department noted that March 31, 2025, falls on a public holiday, potentially causing delays in last-minute filings if offices remained closed.

Will Banking Services Be Available On April 1?

Despite the exemption for March 31, banks will observe a holiday on April 1 in most parts of the country, except in Meghalaya, Chhattisgarh, Mizoram, West Bengal, and Himachal Pradesh.

Customers can still access banking services through digital channels, including internet banking, SMS, and WhatsApp banking, for financial and non-financial transactions.

As per RBI guidelines, bank closures are categorised under three heads: holidays under the Negotiable Instruments Act, Real Time Gross Settlement (RTGS) holidays, and closures for bank account finalisations.