Bank Holidays in May 2024, Banks Will Remain Closed on 10 Days

Bank Holidays in May 2024

Customers of banks should expect an extended period of non-operational days during the month of May 2024. This is due to the confluence of various religious festivals and the typical weekend closures. All national banks, including the prominent State Bank of India (SBI), will remain closed for at least 10 days throughout the month.

Bank holidays vary from state to state. However, all banks remain closed on the second and fourth Saturdays of each month. All banks also observe three national holidays, i.e., Republic Day (January 26), Independence Day (August 15) and Gandhi Jayanti (October 2). Additionally, banks remain closed on local festivals.

The holiday schedule for banks is determined by the Reserve Bank of India (RBI) in conjunction with state governments. Regional bank holidays differ based on the unique customs of each state. In this article, we have listed down the holidays as per the states and union territories they apply to.

Bank Holidays in May 2024 as Per RBI Regulations

According to RBI guidelines, banks close on Sundays and the second and fourth Saturdays of every month. Apart from these regular closures, there are a total of ten bank holidays in May 2024, as per the Reserve Bank’s calendar. It’s advisable for everyone to schedule any important bank-related activities considering the holiday timetable.

Note: Many Bank Holidays can differ from state to state.

Bank Holidays 2024: May Month

On May 1, banking activities will be halted in major cities due to May Day. Additionally, Mumbai, Nagpur, and Belapur will observe a bank holiday in observance of Maharashtra Day.

On May 7, bank branches in Ahmedabad, Panaji, Bhopal, and Raipur will be closed due to the Lok Sabha elections.

On May 8, banks in Kolkata will be closed in observance of Rabindranath Tagore’s birth anniversary.

On May 10, there will be a bank holiday in Bengaluru to commemorate Basava Jayanti.

On May 13, banks in Srinagar will be closed because of the Lok Sabha elections.

On May 16, there will be a bank holiday in Gangtok, the capital of Sikkim, to mark the State Day celebrations.

On May 20, Mumbai and Belapur will experience a bank holiday due to the Lok Sabha elections polling.

On May 23, Banks will be closed in major cities due to Buddha Purnima.

On May 25, banks in Agartala and Bhubaneshwar will be shut due to the Lok Sabha elections.

Apart from these, banks are closed on the second and fourth Saturdays of the month, as well as on all four Sundays.

Bank holidays are categorized into three types: holidays under the Negotiable Instruments Act, holidays under the Negotiable Instruments Act and Real-Time Gross Settlement Holiday, and Banks’ Closing of Accounts.

The Lok Sabha elections are being conducted in seven phases, with the first two phases held on April 19 and 26. The remaining phases are scheduled for May 7, 13, 20, 25, and June 1. Vote counting will take place on June 4.