Is 5th Saturday, April 29 a bank holiday?

Banks are closed on Sundays, festivals, the second and fourth Saturdays of every month, and national holidays. Bank holidays also differ depending on the state. In India, banks are open on the first and third Saturdays unless a holiday falls on that day. The month of April has five Saturdays, which leads to confusion about whether banks in India are closed or open on the fifth Saturday of the month.

According to the Reserve Bank of India (RBI) press release dated August 28, 2015, “All scheduled and non-scheduled banks – public, private, foreign, cooperative, regional rural and local area banks – will observe a public holiday on second and fourth Saturdays from September 01, 2015; and will observe full working days on Saturdays other than second and fourth Saturdays (referred to as working Saturdays in the Press Release).”
This means the second and fourth Saturdays are closed and the first, third, and fifth Saturdays of the month will be working Saturdays.

Banks are open if the fifth Saturday of the month is not a public holiday or a national holiday. So, April 29 is a working Saturday for banks in India.

Every year, the Reserve Bank of India announces the holidays for banks in three categories: the Negotiable Instruments Act Holiday, Real Time Gross Settlement Holiday, and Banks’ Closure of Accounts.

April Bank holiday
In April 2023, banks were closed for 15 days across states including bank closing, regional holidays along with Sundays, and the second and fourth Saturdays.