October is set to have 21 bank holidays, so plan your bank visits and big transfers accordingly

Although IMPS transactions up to Rs 50,000 can now be conducted online 365 days a year, planning will be required to conduct those above Rs 2 lakh.

FPJ Web DeskUpdated: Saturday, October 01, 2022, 07:41 PM IST
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Following a boost for online transactions during the pandemic, 68 per cent of consumers in India were using e-banking by the end of 2020. The adoption of tech accelerated during a crisis has also opened doors for Indians to get around regional and national holidays in a multicultural country such as India. But while IMPS transactions up to Rs 50,000 can be conducted online 24 hours, 365 days a year, RTGS and NEFT transfers for more than Rs 2 lakh, can only go through during work hours.

Gear up for the festive season

This is why you might want to plan major deposits and payments better, since banks will be shut for 21 days during the month of October, as per RBI’s calendar. Apart from all Sundays and the second and fourth Saturdays, bank employees will also be on holiday for Durga Puja, Deepawali and Karva Chauth, among other regional festivals. So if you are looking forward to buying that car or refrigerator or a luxury item on Dhanteras, timing your visit to the bank or that big online transaction, is advisable.

Apart from Dussehra, Eid-e-Milad, Bihu, Laxmi Puja, Kali Puja and Gowardhan Puja affecting banking operations in various parts of the country, Sardar Vallabhbhai Patel Jayanti and Chhath Puja will mean holidays in multiple states at the end of the month.

Who will it affect?

India currently ranks among the countries with the most public holidays, in addition to those regional festivals mentioned above. But while that may spark concerns about less banking activity affecting businesses, a counter-argument is that spending during day offs goes up. In fact, festivities will be at their peak in October with a spike in shopping and tourism, making it a great month for business.

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