Bank Holiday On Saturday, October 19, 2024: Is Today, A Bank Holiday Or Not? Key Things To Know

Saturday Bank Holiday 2024: Indian banks' weekend holidays are unique, as not all Saturdays are working days. Banks enjoy two-weekend holidays twice a month every year. Is Saturday, October 19, 2024, a bank holiday or are they open? Find out!

Since September 2015, all scheduled and non-scheduled banks - public, private, foreign, cooperative, regional rural and local area banks - are observing public holidays on second and fourth Saturdays; and will observe full working days on Saturdays other than second and fourth Saturdays.

That being said, October 19 is the third Saturday of the month. And hence, banks are opened today across India including both public sector and private sector banks.

It is the RBI that decides on bank holidays every year. The holidays are divided into three categories such as -- Holiday under the Negotiable Instruments Act; Holiday under the Negotiable Instruments Act and Real Time Gross Settlement Holidays; and Banks' Closing of Accounts. Bank holidays in India 2024, vary from state-to-state and city-to-city.

What transactions can you carry today? As per the guidelines of RBI, all money market segments, namely, call/notice/term money, market repo and Collateralised Borrowing and Lending Obligation(CBLO) will remain open on all working Saturdays as on any normal business day.

While payment services such as Real Time Gross Settlement (RTGS), National Electronic Fund Transfer (NEFT), Cheque Clearing operated by various Bankers' Clearing Houses in the country including the grid-based Cheque Truncation System (CTS) and ECS suite [Electronic Clearing Service (ECS), Regional Electronic Clearing Service (RECS) and National Electronic Clearing Service (NECS)] - will be operational at banks today.

However, notably, as per the latest reports, the Indian Banks Association (IBA) and employee unions have likely agreed on a five-day working week. This is reportedly expected to come into effect from December onward. Moreover, the Indian government's approval on this is awaited.