Bank Holidays in May 2024 – Know on which days the banks will remain closed!

The Reserve Bank of India has determined the bank holidays for May 2024. The bank customers can check the list to know which day the banks will be closed during May and bank employees can plan their short vacation. The article covers everything you wish to know about the upcoming bank holidays.

Bank Holidays in May 2024

The RBI designates bank holidays due to some specific state celebrations, national holidays, and weekends. The bank will stay suspended on the holidays, so customers should know the holiday date to ensure they visit banks during working days. 

Though these days we can do most of our banking-related work digitally thanks to Internet banking, it is still essential to know when banks will be closed in your region. 

Every month RBI updates the monthly bank holidays, the May month holidays have been updated on the RBI official page as per the region. According to the RBI May bank holidays, the customers will have 13 non-working days including Sunday and the second & fourth Saturday. 

The national banks of certain regions will observe the listed holidays, as per the RBI instruction.  The 13 bank holidays may differ from region to region due to Lok Sabha elections, and other means like individual state celebrations. 

RBI has categorized bank holidays under the following terms:

• Real-Time Gross Settlement Holiday: When banks are closed and do not perform any RTGS transfer between two banks.
• Holiday under the Negotiable Instruments Act: When banks are closed due to special occasions and festivals.
• Banks’ Closing of Accounts: When banks are closed to close their yearly accounts. 

List of bank holidays in May 2024

Here’s the detailed list of upcoming state-wise Bank Holidays in May 2024 with the description of the holiday:

Date	State	Description
1 May 2024	Maharashtra, Tamil Nadu, Kerala, Goa, Karnataka, Manipur, Telangana, Bihar, Assam, and Andhra Pradesh	International Labour Day (May Day)/Maharashtra Day
7 May 2024	Gujarat, Madhya Pradesh, Goa	III Phase of Lok Sabha Election
8 May 2024	West Bengal	Birth Anniversary of Rabindranath Tagore
10 May 2024	Karnataka	Akshaya Tritiya/ Basava Jayanti
13 May 2024	Jammu & Kashmir	Lok Sabha General Elections
16 May 2024	Sikkim	State Day
20 May 2024	Maharashtra	Lok Sabha General Elections
23 May 2024	Tripura, UP, Arunachal Pradesh, New Delhi, Chhattisgarh, Srinagar, MP, Mizoram, Jharkhand, Lucknow, Bengal, Chandigarh, Jammu, and Himachal Pradesh	Buddha Purnima
25 May 2024	National	Nazruk Jayanthi/ Lok Sabha General Elections/ Fourth Saturday

What bank services would be closed or opened on bank holidays?

When the banks are closed on bank holidays many of you must be thinking about what would be closed or opened during the holidays. We have pointed out bank services to help you get familiar with the banking operation on bank holidays:

• ATMs would be open for cash withdrawals or deposits during bank holidays, so you should not worry about cash withdrawals. 
• Online or Internet banking is accessible & available 24*7 for account management, transfers, or using any banking services from your end. Some transactions can take time as some to bank to other bank transfers are suspended during holidays. 
• The working hours of banks can be reduced on Saturdays by some banks to manage bank operations, so you should verify the timings with your bank branch before your visit on the bank website or mobile app. 

Long weekends for bank employees in May 2024

With the coming summer vacations, bank employees can take their families on the long weekend gateway as we curate some long weekend lists for you to enjoy a fun time with friends & family. 

• 11 May 2024 to 13 May 2024: Bank employees can take the day off on Monday with 11 & 12 May being the second Saturday & Sunday to enjoy the long weekend vacation and if you work in Jammu no need to take leave. However, bank employees working in Jammu can take leave on 16 May to enjoy four four-day vacations with family. 
• 23 May 2024 to 26 May 2024: Bank employees who got a holiday on 23 May (Thursday) can plan a short summer gateway if they take a leave on 24 May (Friday). 

May has many bank holidays for various states, so bank customers, make sure you are aware of the bank closing day in your region to plan your financial tasks in banks and avoid any delay in your bank work.