With the holiday season approaching, it's important for bank customers to be aware of the upcoming bank holiday schedules for Christmas and New Year 2024. Various banks will close their doors for different days throughout December, affecting banking services across numerous states. According to the Reserve Bank of India, Christmas Day, celebrated on December 25, is universally recognized as a bank holiday across the country. But this year, bank customers should also be prepared for closures on Christmas Eve, December 24, due to regional observances.
On December 24, banks will be closed across Mizoram, Nagaland, and Meghalaya, as these states observe Christmas Eve, with services resuming the next day for Christmas. This year's Christmas holiday will see banks closed not just for Christmas Day itself, but also on December 26 for post-Christmas celebrations specific to these states, leaving customers with limited access to banking services during this period.
The holiday season doesn't just encompass the main bank holidays—December 30 will see banks close across Shillong to commemorate U Kiang Nangbah Day, and December 31 is observed for New Year’s Eve, with certain states like Mizoram and Sikkim also seeing closures on this day due to local traditions such as Lossong and Namsoong.
Customers should also note the calendar for December's bank holidays. Apart from December 24, all scheduled and non-scheduled banks will observe public holidays on the second and fourth Saturdays of the month, as well as Sundays. This will leave the coming weekends particularly busy, as customers flock to ATMs and banking services before the holiday closures.
According to reports, December 25 is declared as a national holiday across various states, including major cities such as New Delhi, Mumbai, and Bengaluru. While December 26 will see closures primarily concentrated around the northeastern states, banks will be open as usual elsewhere.
For those planning to make bank transactions during this busy time, the Reserve Bank of India suggests utilizing online banking options. Digital banking services will remain functional even when physical branches are shuttered. Internet banking, SMS banking, and WhatsApp banking facilities are all available for customers to make transactions during the holidays.
It's imperative to get any banking tasks done well before the holidays to avoid inconveniences, especially for those needing to make cash withdrawals or other transactions. With numerous holidays lined up, ATMs may run out of cash, particularly close to Christmas or New Year, making it prudent to withdraw cash early.
Globally, other countries are also preparing for bank closures over the festive period. For example, many banks across the Philippines confirm they’ll close their doors on Christmas Eve and Christmas Day. While some branches will operate during selected hours on other key dates such as December 30 and New Year’s Eve, it's clear customers need to check specific branch schedules to avoid disappointment.
Malacañang has declared December 24 and December 31 as special non-working days observed nationwide, ensuring most banks follow this directive. Other banks, like BDO Unibank, will cater to customers on select dates, albeit with modified hours.
Meanwhile, the Department for Work and Pensions (DWP) has also announced changes to the timing of benefit payments around bank holidays for welfare recipients. Individuals expecting payments over the festive break, including Universal Credit and State Pension, may see their payment dates adjusted. For example, those due to receive payments on December 25 will instead be credited on December 24. The DWP encourages beneficiaries to check these changes to avoid delays.
This holiday season's bank closures affect social security payments, underlining the importance for both banks and customers to stay informed about schedules and adjustments. Customers using benefits are advised to be especially aware of these changes to financial transactions during the holidays.
To sum it up, if you are planning to visit the bank during the holiday season, it's best to consult this holiday schedule closely, since closures will vary not only by date but also by region. With the offer of online banking, many banking functions remain accessible—customers need to simply plan their financial activities accordingly.
