Bank holiday today: Are banks closed on Saturday, July 6?
On July 6, 2024, banks will be open nationwide , except Aizawl and Mizoram, due to MHIP day. Online banking services will be available everywhere
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Business News/ News / Bank holiday today: Are banks closed on Saturday, July 6?
According to Reserve Bank of India (RBI) guidelines, banks will remain open on July 6, 2024. Generally, banks are open on the first and third Saturdays of every month, while they remain closed on the second and fourth Saturdays. July 6 is the first Saturday of the month, so the banks will be open on this day.
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There is an exception, however. The banks will remain closed in Aizawl, Mizoram, because of Mizo Hmeichhe Insuihkhawm Pawl Day or MHIP Day. MHIP is Mizoram’s largest women's association, and MHIP Day commemorates the organisation's formation on July 6, 1974.The term Mizo Hmeichhe Insuihkhawm means binding women together.
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The RBI categorises bank holidays under the Negotiable Instruments Act into three types: Real-Time Gross Settlement (RTGS) holidays and banks’ closing of accounts. The holidays are communicated through the RBI’s official channels, which are the website and notifications to banks.
July 6, is designated as holiday under the Negotiable Instruments Act.The Negotiable Instruments Act deals with the issuance of cheques and promissory notes. Transactions involving these instruments will not be available during the holidays.
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It is to be noted that online banking services will be available nationwide to ensure uninterrupted access to banking services, even on bank holidays. Customers can use these services for convenient financial transactions. Fund transfer requests can be made using NEFT/RTGS transfer forms, demand draft request forms and chequebook forms. Credit cards, debit cards, and ATM cards can be availed through card services. Services such as account maintenance forms , setting up standing instructions, and applying for a locker are also available.
The next designated bank holiday is July 8, on account of Kang/Rath Yatra. Banks will remain closed in Bhubaneswar, Odisha, and Imphal, Manipur.
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