Banks| NEFT| RTGS to be closed on Second and Fourth Saturday

Effective September 2015, all banks would be closed on Second and Fourth Saturday every month. But now remaining Saturday’s (first, third and fifth) of the month would be full working day at banks.

My initial understanding was that only Government banks would be impacted but no – seems like private banks would also follow similar practice.  This is the mail I got from HDFC Bank about their bank following this practice.

HDFC Bank Message - Branches to be Closed on Second and Fourth Saturday

HDFC Bank Message – Branches to be Closed on Second and Fourth Saturday

NEFT, RTGS also closed on 2nd and 4th Saturday

Banks | NEFT | RTGS to be closed on Second and Fourth Saturday

Banks | NEFT | RTGS to be closed on Second and Fourth Saturday

RBI (Reserve bank of India) has clarified that NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement) that are used for online fund transfers between banks would also be closed on Second and Fourth Saturday.

Now NEFT and RTGS too would not work on Second and Fourth Saturdays. For rest of working days the timing would be as follows:

  • NEFT Timing: 8:00 AM to 6:30 PM
  • RTGS Timing: 8:15 AM to to 4:15 PM

The above timings are for ICICI Bank. This might vary slightly (15 to 30 minutes) from bank to bank.

NEFT, RTGS Holiday 2015

The NEFT and RTGS would be closed on following days in 2015

Sr. No.DateDayOccasion
126-Jan-15MondayRepublic Day
21-Apr-15WednesdayAnnual Closing of banks
33-Apr-15FridayGood Friday
414-Apr-15TuesdayBirthday of Dr. B. R. Ambedkar
518-Jul-15SaturdayId-Ul-Fitre
615-Aug-15SaturdayIndependence Day
72-Oct-15FridayMahatma Gandhi Jayanti
822-Oct-15ThursdayDasara / Vijaya Dashami
925-Dec-15FridayChristmas Day

Other than the above these are closed on Sundays and 2nd and 4th Saturday of every month.

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