Bank Holiday On January 1: Are Banks Open Or Closed For New Year 2025?
Bank holidays are determined by the Reserve Bank of India, which releases a list of holidays for the year at the beginning of each year.
The new year 2025 is now just a few hours away, with Jan. 1 falling on Wednesday. On this day, people come together to mark new beginnings with renewed hopes, celebrating the year that lies ahead of them.
New Year's Day, Jan. 1, is usually a holiday for students and employees of educational institutes and certain other office employees. Many institutions grant a holiday for employees to celebrate this day with their family and close ones. But are banks part of them? Is there a bank holiday on Jan. 1, 2025? Let’s find out.
Is January 1 A Bank Holiday?
Banks in India are typically not closed across India on New Year's Day and function as normal unless there is a public holiday in some states. Therefore, there will be no bank holiday in some states, while there will be a bank holiday in others on Jan. 1.
Bank holidays are determined by the Reserve Bank of India, which releases a list of holidays for the year at the beginning of each year.
According to RBI holiday calendar 2025, banks will remain closed in eight states on Wednesday. Banks will be shut for New Year's Day, Jan. 1, in Tamil Nadu, West Bengal, Sikkim, Mizoram, Arunachal Pradesh, Manipur, Nagaland and Meghalaya.
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Bank Holidays In India
Bank holidays in India change from state to state and region to region based on local festivities and other observances. They remain closed across India on national holidays like Republic Day, Independence Day and more. Other than this, banks remain closed pan India on second Saturdays and all Sundays.
According to the RBI holiday calendar, bank holidays are categorised into three types: Holidays under the Negotiable Instruments Act, Holidays under the Negotiable Instruments Act and Real Time Gross Settlement Holidays, and Banks' Closing of Accounts. In addition to these, holiday observances for festivals and other events may vary depending on the state and the regional offices of the central bank.
Customers must note that they must check with their nearest branch to get clarity on bank holidays in their area. While work that require physical visit to the banks are suspended on these holidays, other transactions like UPI, internet banking, ATM and more remain functional.
