On bank holidays, normal operations like deposits, withdrawals, and transfers are typically not carried out. Many people have this query, do transactions go through on bank holidays? The banks rarely handle transactions on holidays. However, some banks might still process electronic transactions in certain situations.
Do Online Transactions Work on Bank Holidays?
Let me tell you, in India, transactions on bank holidays operate differently. I learned from my uncle, a bank manager, that physical banking services, like branch transactions, are unavailable since branches remain closed. As everyone knows, online banking is still operational every day.
As per my knowledge, card payments and other electronic transactions like UPI and IMPS are handled around the clock, even on bank holidays. These allow you to make payments without interruption.
Also, if you see, ATMs are open and accept cash withdrawals on bank holidays.
For interbank fund transfers like NEFT (National Electronic Funds Transfer) and RTGS (Real-Time Gross Settlement), their availability depends on RBI restrictions. Because it works in half-hourly batches, NEFT is open around the clock, even on holidays.
My uncle also said RTGS is available 24/7, mostly for high-value transactions. However, availability may occasionally be limited by planned system maintenance.
Holidays are not used for cheque clearances or other branch-dependent tasks. The next business day is when these transactions are processed.
I hope this answers your query, do bank transfers go through on bank holidays.
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Do Transactions Go Through on Bank Holidays?
shivam
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2024-11-21T06:52:07+00:00 2024-11-21T06:52:08+00:00Comment
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