Diwali 2024: Are Banks Open or Closed on October 31?

Diwali, the vibrant “Festival of Lights,” celebrates light over darkness and ushers in new beginnings. This year, the five-day celebration began on October 29 with Dhanteras and concludes on November 3 with Bhai Dooj. 

Due to its cultural significance, banks across India observe holidays on different days, affecting banking services in various states. Here’s the detailed schedule for bank holidays this Diwali.

Diwali 2024 Bank Holiday Schedule

1. October 31, 2024 (Thursday)

Banks in some states are closed on October 31, 2024 for Diwali.

2. November 1, 2024 (Friday)

In several states, banks will be closed on November 1, 2024 for Diwali, Deepavali, Kut, and Kannada Rajyotsava. This will allow citizens to fully engage in the festival’s traditions.

States observing a bank holiday on November 1, 2024:

1. Tripura
2. Karnataka
3. Uttarakhand
4. Jammu & Kashmir
5. Maharashtra
6. Meghalaya
7. Sikkim
8. Manipur

3. November 2, 2024 (Saturday)

Banks in specific states observe holidays for Diwali, Laxmi Puja, and Govardhan Puja. Even though it is the first Saturday of the month (not typically a holiday), these states will observe the closure in honor of the celebrations.

States observing a bank holiday on November 2, 2024:

1. Gujarat
2. Maharashtra
3. Karnataka
4. Rajasthan
5. Sikkim
6. Uttarakhand
7. Uttar Pradesh

4. November 3, 2024 (Sunday)

Banks across India will be closed as it is a Sunday and also marks Bhai Dooj, the final day of the Diwali celebrations.

Stock Market and Other Financial Services

While banks will be closed in various states, the Indian stock market will remain open on October 31, 2024. It will, however, observe a holiday on November 1, 2024, for Diwali, pausing currency and derivatives trading. The Commodity Derivatives Segment and Electronic Gold Receipts will be unavailable from 9:00 AM to 5:00 PM but will resume for the evening session.

Planning Around the Holidays

These bank closures during Diwali allow people to celebrate with family and friends, but they also pause many banking services temporarily. Be sure to plan any in-person banking in advance of these holidays. For essential transactions, online and mobile banking services will continue to operate during the closures.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.