Half-Yearly Closing 2020: Is it a Bank Holiday on September 30 on October 1? Know All About Banking Operations on These 2 Days

Come September 30, the hustle-bustle at our workplaces suddenly rises. The end of the second quarter and more importantly the half-yearly closing is often the time when agencies burn their allocated budgets, self-employed evaluate their past six-month businesses, but most importantly, banks across the country are swarmed with half-yearly closing work. Half Yearly Closing Account is a key part of our financial structure as the banks ensure their books are up to date. While traditionally, banks would close their doors for public transactions, in recent years, this has changed. Half Yearly Closing Account of the year will begin from September 30 and may spill over to October 1. Social media is sure to once again be filled with Half Year Closing jokes, funny Half Year Closing messages and memes. Social Media Day 2020 Funny Memes: These Jokes on Using Instagram, Facebook, Twitter and Other Apps Perfectly Show Why We Just Cannot Do Without Them.

The Half-Yearly closing has often been a source of confusion for many. The idea that banks will remain closed for transactions on September 30 and October 1 is a myth that needs to be busted year on year. With the increased weightage on customer satisfaction and the entry of international players into the banking sector, the banking sector began to keep businesses open while also managing the half-yearly updates.

In fact, the RBI does not count September 30 and October 1 as holidays. The only bank holiday in the week will be on October 2, which is Gandhi Jayanti, a nationwide holiday. Half-yearly closing adds to the workload of banking professionals but it no longer affects consumer transactions. While at the most the processing of cheques may be delayed as some clearing processes are kept on hold in certain banks, the ATMs, internet banking options and mobile banking services continue to function as usual.

While social media may once again be filled with rumours that can create some sort of fear or panic, it is important to remain abreast with the facts. In fact, even the RBI offices function as usual. Even though the continued rise of the pandemic, bank employees have been striving at work every day. And an easy way to ensure that we help these individuals out, especially in the current times with the added stress of half-year closing, is by making all possible transactions online instead of physically going to the branches. A practice that is sure to be the safest and most convenient way for all, this will come in handy in helping banks in continuing their half-year account closures with minimal stress!

(The above story first appeared on LatestLY on Sep 29, 2020 05:30 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).