March is financial year closing for most of the companies and a crucial month. Salary disbursal, ATM transactions, money transfer for business purpose and many other things will be at peak for the period of month closing (which is year closing as well). But as per social media shared information, the bank will be closed for 5 consecutive days, from 29th March to 2nd April. Is it a rumour or a news?
Banks are said to be closed for 5 days. 29th March (Mahavir Jayanti), 30th March (Good Friday), 31St March (Saturday and year closing day), 1st April (Sunday) and 2nd April (Closed on account of year closing compilations).
But this appeared to a rumour when checked with the facts.
The banks will remain closed for the 29th and 30th march because of festival days but will be fully functional on Saturday (i.e. 31st March). It is 5th Saturday of the month and not a holiday. Also considering the holidays, Banks has planned a fully functional day on 31st March.
Few banks have arranged extra hour working on Saturday to reduce to chaos. For online Fund Transfer IMPS will be available.
ATMs will also not dry out as this is mostly 3rd party managed service now and banks are paying special attention to this.
Banks has ensured all corporate transactions on 31st March, this will help in salary disbursal. If the salary disbursal is planned for last day of the month then it will not be an issue. But if it is the 1st day of the month then it may be delayed.
Important to note
Bank will be closed on 29th and 30th March, this will delay the cheque clearing. Same bank cheques may be transacted on previous days itself, but cheque from different banks will take extra time to clear.
Also, RTGS and NEFT will be affected. The transactions involving higher value for online transfer, need to be planned in advance.
The holidays are falling in crucial days of the year, but it will certainly not be a complete shutdown for 5 important days.