Bank Holiday on 2nd and 4th Saturday
As per the RBI Guidelines under the NI Act (Negotiable Instruments Act), the banks in India have decided that there would be a holiday on the 2nd and 4th Saturday of every month. This came in effect from the 1st of September 2015. Today was the first day of the holiday. The bank employees are exuberant about it. This will also enable them to enjoy some extended weekend Holidays.
For example, In SBI Bihar/Jharkhand region, Holiday is declared on the 25th of September 2015 on the occasion of Bakrid. With the new notice, 26th of September will also be a holiday as it is the 4th Saturday. So the SBI employees will have 3 days of extended weekend.
See the circular from the Govt of India
All the banks have started sending notice to their customers.
Notice 1: ING Vysya Bank (Kotak Mahindra Bank)
Subject: Important Notification : Bank Holiday on 2nd and 4th Saturday of every month
Dear Customer,
ING Vysya Bank is now Kotak Mahindra Bank. Thank you for banking with us.
We wish to inform you that as per the Negotiable Instruments Act and RBI’s press release, effective 1 September 2015, every 2nd and 4th Saturday of the month will be observed as a bank holiday for all branches. All other Saturdays of the month will now operate as a full working day and existing Monday to Friday timings will be followed.
Consequent to this, please note that, payment systems such as RTGS, NEFT and cheque clearing will not be available on the second and fourth Saturday of the month. These services would be available throughout the day on all other working Saturdays of the month, timing for which will be same as followed currently from Monday to Friday.You may continue to use IMPS for seamless money transfers during the holidays.
Additionally, all requests made post the cut-off time through cheque drop box clearance and doorstep banking on the second and fourth Friday of the month will be processed on the next working day. Demat services also will not be available on the second and fourth Saturday of every month.
You can continue to use our Mobile Banking and Net-Banking service to enjoy a seamless banking experience.
For any further clarification, please contact your nearest branch or call us at 1800-425-9900, 24 X 7 toll-free. While calling from overseas, please dial 0091-1800-420-9900.Toll free numbers for USA 1855-845-3730 and UAE 8000-3570-2897. You may write to us atcustomerservice@kotak.com. For complaints, write to customercare@kotak.com
Assuring you of our best services at all times.
Notice 2: HDFC Bank
Subject: Important: Change in branch timings on Saturdays
Dear Customer
As you may know, Reserve Bank of India has directed all banks to observe public holidays on the second and fourth Saturdays of every month. Accordingly, our branches will now be closed every second and fourth Saturday starting with 12th September 2015. All other Saturdays of the month will be full working days and branches will follow their weekday timings.
While our branches may be closed on these days, HDFC Bank gives you #PowerofBanking with 24 X 7 access to a range of banking services – with over 200 transactions on NetBanking, more than 75 transactions on MobileBanking and 11,766 ATMs across 2,464 cities and towns. So, whether you need to check your account balance, transfer money, order a cheque book or open a Fixed Deposit, you can do all this and much more anytime, anywhere.
Assuring you of our best services at all times.
Read: Bank Of India Holiday List 2015
Notice 3: Citibank
Subject: Important Information regarding operation of Citi branches on Saturdays
Thank you for banking with Citibank.
We would like to inform you that in adherence to the directive from Ministry of Finance, Government of India, Citi branches^ will be closed on the second and fourth Saturdays of each calendar month effective September, 2015. The branches will remain open on other Saturdays.
For more information regarding Citibank branch timings, please Click here.
We also wish to inform you that:
Electronic transfers like Real Time Gross Settlement (RTGS), National Electronic Fund Transfer (NEFT), initiated on the second and fourth Saturdays of each month, will be processed on the next working day. You can continue to transfer funds using Immediate Payment Service (IMPS).
Clearing of negotiable instruments (Cheque/DD etc.) and Electronic Clearing Service (ECS) facilities will also not be available on these two Saturdays.
All other banks have also updated their customer via email SMS etc. While net banking has given the facility of 24X7 banking but the customers will have to plan their visit to the bank. Normally, it was easier for persons to walk to their bank on any Saturday but this will no longer be the case. Some employees are not happy about having longer working day on working Saturdays. Yes, there are some pros and cons. What do you say?
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