New Delhi: The Reserve Bank of India (RBI) has decided to withdraw the bank holiday on March 31, 2025, allowing seamless year-end financial transactions. This move aims to facilitate account settlements, tax payments, and government disbursements, ensuring the efficient closure of the financial year.
Banks to Remain Open on March 31 for Year-End Closures
Initially, March 31 was scheduled as a bank holiday across most states, except for Mizoram and Himachal Pradesh, where it coincided with Ramzan-Id (Eid-Ul-Fitr). However, with the new RBI directive, banks will now remain operational across India to support financial transactions on the last day of FY 2024-25.
Banking Services Available on March 31
- On March 31, customers will have access to key banking services, including:
- Government Tax Payments: Income Tax, GST, Customs, and Excise Duties
- Pension Payments & Government Subsidies
- Salary and Allowance Disbursements
- Internet Banking, SMS, and WhatsApp Banking for financial and non-financial transactions
Other Important Banking Dates
March 29, 2025: Banks will remain open, as it falls on the fifth Saturday of the month.
- April 1, 2025: Banks will be closed in most states for the annual closing of accounts, except in Meghalaya, Chhattisgarh, Mizoram, West Bengal, and Himachal Pradesh.
Income Tax Department & IRDAI Extend Office Hours
The Income Tax Department has announced that all Income Tax offices across India will remain open on March 29, 30, and 31 to clear pending work. Similarly, the Insurance Regulatory and Development Authority of India (IRDAI) has directed insurance companies to keep their offices operational on these dates to ensure policyholders do not face inconveniences.
The decision to keep banks open on March 31, 2025, comes as a significant relief for businesses, taxpayers, and financial institutions, ensuring a smoother financial year-end closure.
