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Bank Holidays July 2022: Banks will be closed for 16 days in July, see the complete list of holidays before doing bank work

Bank Holidays In July 2022: The month of July is just a few days away. If you’re intending on doing any bank-related work in July, you should absolutely read this first. Reserve Bank of India (RBI) releases July 2022 holiday schedule. The following list shows a total of 16 days when banks will be closed in July.

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The RBI has split holidays into three groups

The Reserve Bank of India (RBI) has categorized bank holidays into three groups. The Real-Time Gross Settlement Holiday, the Negotiable Instruments Act and bank account closures all fall under this category. Besides national holidays, there are a number of state-specific holidays, such as every Sunday and the second and fourth Saturday of the month. If there will be any bank closures during the month of July, please let us know.

Holidays in July 2022 include:

July 1	Kang (Rathjatra) / Rath Yatra – Banks closed in Bhubaneswar and Imphal
July 3	Sunday (weekly holiday)
July 5	Tuesday – Guru Hargobind’s light day – Jammu and Kashmir
July 6	Wednesday – MHIP Day – Mizoram
July 7	Kharchi Puja – Banks closed in Agartala
July 9	Saturday (second Saturday of the month), Eid-ul-Adha (Bakrid)
July 10	Sunday (weekly holiday)
July 11	Ez-ul-Aza- Banks closed in Jammu and Srinagar
July 13	Bhanu Jayanti- Banks closed in Gangtok
July 14	Ben Dienkhlam – Banks closed in Shillong
July 16	Bank closed in Harela- Dehradun
July 17	Sunday (weekly holiday)
July 23	Saturday (fourth Saturday of the month)
July 24	Sunday (weekly holiday)
July 26	Ker Puja- Banks closed in Agartala
July 31	Sunday (weekly holiday)

SBI home loans became expensive, Bank hikes the minimum interest rate

State Bank of India, the largest bank in the country, has increased the interest rate on home loans. Starting June 15, the new rates will apply to home loans. MCLR (Marginal Cost of Lending Rate) has been increased by 0.20 percent. It also became effective on June 15. As a result of the Reserve Bank of India‘s increase in repo rates by 50 basis points, the State Bank of India has taken this step.

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According to a report, now the bank has the minimum interest rate on home loans at 7.55 percent. Those with CIBIL scores above 800 will be eligible for a 7.55 percent home loan. People whose CIBIL score is 750-799 will get a loan at 7.65 percent per annum. Similarly, SBI will give home loans at the rate of 7.75 percent to those with CIBIL scores of 700-749 and 7.85 percent to those with 650-699 scores. Similarly, people whose CIBIL score is between 550 to 649, will have to pay interest at the rate of 8.05 for the home loan. These are floating interest rates and they are repo linked.

MCLR also increased

The bank has also increased the one-year benchmark MCLR from 7.20 percent to 7.40 percent. Personal loans, auto loans, and home loans are almost all linked to MCLR. Because of this, if the repo rate changes, then they also do. From June 15, SBI has also increased its Repo Rate Linked Lending Rate (RLLR). Earlier RLLR was 6.65 percent, which has now been increased to 7.15 percent. From June 15, the new rates have become effective.

FD interest rates also increased

Interest rates on SBI fixed deposits maturing within 211 days of less than Rs 2 crores were increased to 3 years on June 14. Fixed deposit interest rates increased by 20 basis points from 4.40 percent to 4.60 percent for 211-day and shorter-term deposits.

Earlier, on FDs ranging from one year to less than two years, where the bank was paying interest at the rate of 5.10 percent per annum to the customers, now it will get 5.30 percent interest. The bank is now paying 5.35 percent interest on fixed deposits maturing in two to three years.

Big crisis on the Central Bank Of India, 600 branches will have to be closed

This is news for you if your account is also with the Public Sector Central Bank of India (CBI). In order to improve its financial position, the bank is planning to close a large number of branches. The news agency Reuters reported that the bank plans to close 13 percent of its branches across the country.

4594 branches across the country

By March 2023, the Central Bank Of India plans to close 600 branches nationwide or merge the loss-making ones. There are 4594 branches of the Central Bank of India across the country.

Listed on PCA List in 2017

Significantly, in the year 2017, many banks, including the Central Bank of India, were included in RBI’s prompt corrective action (PCA) list. Banks experiencing bad financial conditions are included in this list.

12 banks placed in PCA in 2018

The banks included in this list were given a chance to improve their financial situation, but there were many restrictions. In 2018, RBI included 12 banks in its PCA framework. In those days, there were 11 government and one private bank. Who was provided with additional working capital.

Financial position of all other banks improved

Media reports say that, with the exception of the Central Bank of India, all other banks were removed from the PCA list. Despite no improvement in the financial situation, the Central Bank remained on this list. There is a possibility of closing 13 percent of the bank’s branches in order to improve its financial situation.

This government bank was Monetary fined heavily by the RBI, is your account even?

Reserve Bank of India (RBI) imposed a heavy fine on a public sector bank. If you are also a customer of CBI, Central Bank of India, you should read this news. For violating regulations related to protecting customers’ interests, the RBI fined the Central Bank of India Rs 36 lakh. According to the RBI, action against the bank was taken due to a lack of regulatory compliance.

RBI imposed a heavy fine

RBI informed that it investigated it and issued a ‘show-cause notice to the bank, following which RBI made this decision. In fact, the central bank RBI is not satisfied with this answer. RBI said the CBI was not following the rules to protect the interests of its customers. RBI has responded by taking this action.

Detail of discussions of MPC released

The RBI has also released the details of the discussion held at the six-member meeting of the MPC from April 6-8. As mentioned here, the MPC decided at this meeting that the repo rate will remain unchanged. As such, let us inform you that, for the 11th consecutive time, MPC hasn’t changed the repo rate related to the cost of borrowing. In spite of rising inflation in the country, this decision was taken to accelerate the pace of economic growth.

According to the minutes of the meeting, the Governor of the RBI had said, ‘The situation is dynamic and changing rapidly.’ Every time we reevaluate the situation, we should be ready to take the appropriate steps.

Increase in inflation forecast

Also, the RBI raised its inflation forecast for the current fiscal year to 5.7 percent. Let us know that in February it was expected to be 4.5 percent. As a result, the RBI reduced its growth rate forecast for the current financial year from 7.8 percent to 7.2 percent. As a whole, in this meeting, the emphasis was on accelerating economic growth.

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May 2022 Bank Holidays: Banks will remain closed for 13 days in May, RBI releases holiday list

If there is any work to be performed at the bank in May, you need to plan for it now. You won’t have any problems on time if you do that. The Reserve Bank of India (RBI) has announced a list of bank holidays for May 2022.

Banks will be closed for four days at the beginning of the month

According to the RBI’s calendar, there will be four consecutive bank holidays starting in May. Holidays may vary from one state to another depending on the festival. Basically, the list of bank holidays is issued by the RBI on a four-year basis. These are the festivals celebrated across the country and state by state.

According to the state also some holidays

Apart from the national holidays, there are also some holidays in each state. A report states that out of 31 days in different zones in the month of May, banks will be closed for 13 days.

On behalf of banks, customers are encouraged to plan ahead for all holidays before going to the bank in May. Customers should note the important holidays on which branches will be closed in their city or state.

Bank Holidays in May 2022

1 May 2022: Labor Day / Maharashtra Day. Banks closed across the country. Sunday will also be a holiday on this day.
2 May 2022: Maharishi Parshuram Jayanti – Holiday in many states
3 May 2022: Eid-ul-Fitr, Basava Jayanti (Karnataka)
4th May 2022: Eid-ul-Fitr, (Telangana)
9 May 2022: Guru Rabindranath Jayanti – West Bengal and Tripura
14 May 2022: Bank holiday on second Saturday
16 May 2022: Mercury Full Moon
24 May 2022: Kazi Nazrul Ismal Birthday – Sikkim
28 May 2022: Banks holiday on 4th Saturday

List of Weekend Bank Holidays in May 2022

1 May 2022: Sunday
8 May 2022: Sunday
15 May 2022: Sunday
22 May 2022: Sunday
29 May 2022: Sunday

ICICI Bank cuts FD interest rate, know the new rate and its effect

A rate cut on ICICI Bank‘s fixed deposits was announced on Wednesday. The bank has cut 5 basis points for various time periods. The interest rate on fixed deposits above Rs 2 crore but less than Rs 5 crore has been revised.

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SBI, Axis Bank, HDFC Bank, IndusInd Bank, and Bank of Baroda are among the major private banks that have revised FD rates this year. ICICI Bank’s FD rates will be cut for the first time for the financial year FY23. Effective April 6, 2022, the new rates will be in place.

New rates

There has been a deduction of 5 basis points on FDs with a tenure of more than 1 year. On tenures from 1 year to 389 days and 390 days to less than 15 months, ICICI Bank will offer a 4.15% interest rate. Earlier the rates here were 4.20%.

The bank is offering 4.20 per cent interest on tenures of more than 15 months and less than 18 months, which was 4.25 per cent earlier. On the tenure of 18 months to 2 years, instead of 4.35 percent, 4.30 percent interest will be given. On the tenure of 2 years to 3 years, 4.50 percent interest will be available instead of 4.55 percent. The revision rate from 3 years to the maximum 10 years is 4.60 percent, which was 4.65 percent earlier. Both the general and senior citizen categories will be affected by this new rate.

No change here

On FDs for less than one year, the interest rate remains unchanged. Each tenure is offered at 2.50% interest rate every 7 to 14 days, 15 to 29 days, while 30 to 45 days and 46 to 60 days are offered at 2.75% interest. Between 61 and 90 days, the rate is 3%.

Furthermore, the interest rate for terms ranging from 91 to 184 days is 3.35%. Between 185 and 270 days, the remaining 3.60% is given. For terms less than a year, an interest rate of 3.70% is offered every 271 days. New fixed deposits and renewals of existing fixed deposits will be subject to the revised rates.

Many rules related to banking will change on February 1, Know about the new changes

Next month, many changes will take place. Budget 2022-23 will be presented by Nirmala Sitharaman on February 1. Besides affecting the economy, it will also have an impact on the lives of ordinary citizens. The budget is not the only change that banks will be made from February 1.

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A change will also be made to the rules for money transfers at SBI Bank starting February 1. A bank charges Rs 20 plus GST for transferring money between Rs 2 lakh and Rs 5 lakh using IMPS. The Reserve Bank of India (RBI) increased IMPS transactions from Rs 2 lakh to Rs 5 lakh in October 2021. In addition, the Reserve Bank has increased the limit for IMPS transactions to Rs 5 lakh instead of Rs 2 lakh.

Bank of Baroda’s rules will change

On February 1, the Bank of Baroda will also change its check clearance rules. Customers will be required to use the positive pay system for check payments on February 1. Only after the check information is sent will the check be cleared. The changes are applicable to check clearances over Rs.10 lakh.

PNB rules will be stricter

Punjab National Bank’s (PNB) upcoming changes will directly affect your pocket. A penalty of Rs 250 will be charged if the installment or investment fails due to insufficient funds. Until now, this penalty was 100 rupees.

Price of a gas cylinder

Every month, LPG prices are fixed on the 1st. In this case, it has to be seen what is the fluctuation in-cylinder prices on 1st February. If prices increase, it will certainly affect your pocket.

The budget will be presented

The budget presentation will be held on February 1 by Finance Minister Nirmala Sitharaman. Tax rules related to direct and indirect taxes (personal income tax rates) may be changed. Budgeting can bring many more changes to your financial life.

Banks will be closed for 16 days in January 2022, see full list of bank holidays

Bank Holidays January 2022: Only a few days remain until the start of the new year. Reserve Bank of India (RBI) has announced a set of bank holidays for January 2022, the first month of next year. For anyone who has to deal with bank business in January, then it’s best to check the list of Bank Holidays. A 16-day bank holiday is scheduled for January 2022. If this is the case, you must check with your state’s banks to see if they are open or closed before going to the bank.

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The total number of bank holidays in January 2022 is 16 out of which 7 are weekend holidays. Many holidays will also fall in these continuously. There will be no bank closures across the country for 16 days. According to the official website of the RBI, these are official bank holidays. The following holidays may not be observed by every state.

January 2022 bank holidays

When will the banks be closed in January 2022 in which states? You should handle your banking work in advance of the holidays next month so that you can avoid unnecessary troubles. There will be no bank closures for 16 days across the country. There are different holidays in different states according to the official RBI website.

1 January: New Year’s Day (to be celebrated nationwide)
4 January: Losung (Sikkim)
11 January: Missionary Day (Mizoram)
12 January: Birthday of Swami Vivekananda
14 January: Makar Sankranti/Pongal (celebrated in many states)
15 January: The Uttarayan Punyakala Makar Sankranti Festival/Maghe Sankranti/Sankranti/Pongal/Thiruvalluvar Day takes place (Andhra Pradesh, Puducherry, Tamil Nadu)
18th of January: Thai Poosam (Chennai)
26 January: Republic Day (celebrated throughout the country)
31 January: Mee-Dam-Me-Phi (Assam)

Even this weekend, banks will remain closed

2 January: Sunday
8 January: Second Saturday of January
9 January: Sunday
16 January: Sunday
22 January: Fourth Saturday in the month
23 January: Sunday
30 January: Sunday

Banks will be closed tomorrow and the next day, employees adamant on strike even after SBI request

Bank News: The two days following, December 16 and 17, will be closed for all Public Sector Banks in the country as their employees will be on strike for two days. SBI’s employees’ unions remain adamant on their point even after appeals to the employees not to strike on behalf of other banks. The reason behind this strike is the privatization of banks.

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By using Twitter, the State Bank of India (SBI) communicated directly with its employees. The bank stated that due to this strike of employees, and due to the Corona epidemic, the stakeholders may face huge problems. SBI sent invitations to the bank unions as well. A letter was also sent by the Central Bank of India to its employees and unions, asking them to work for the bank’s improvement. The Punjab National Bank (PNB) also requested its employees to refrain from going on strike via Twitter.

An appeal to all Bank Staff. pic.twitter.com/EZFGpfnK0a
— State Bank of India (@TheOfficialSBI) December 13, 2021

Struggles to stop the continuous strike

Various media reports suggest that bank managers are constantly in touch with the bank associations and bank unions. A delay in the strike is constantly discussed. The Union Budget 2021 included a privatization plan for two major public sector banks, announced Finance Minister Nirmala Sitharaman. However, the Finance Minister did not yet decide on whether or not both banks would be privatized during a Cabinet Committee on Privatization meeting in the Lok Sabha on Monday.

Financial Minister’s latest statement

Replying to a Lok Sabha question, the government has stated that two public sector banks (PSBs) will be privatized during the year as part of the budget for 2021-22. This matter was delegated to the Cabinet Committee that is responsible for considering disinvestment issues, including the choice of a bank. The Cabinet Committee for Privatization of Public Sector Banks has not yet decided on this issue.

Withdrawing cash from ATM will be expensive, withdrawal over the limit will now incur a steep fee, know details

Cash withdrawals from ATMs will become more expensive from next month, i.e. year 2022. Yes… Withdrawal of cash (ATM transactions) will now be more expensive. A bank can charge a customer after withdrawing money from an ATM over the prescribed limit.

Axis Bank and other banks ATMs will charge Rs 21 plus GST for financial transactions above the free limit, according to RBI guidelines. Starting January 1, 2022, new rates will apply.

As of next month, customers will be charged 21 rs instead of 20 rs for free transactions exceeding the monthly limit. Due to higher interchange charges and higher general costs, the RBI increased the transaction charge to Rs 21.

Withdrawing cash from ATMs is free

Each month, customers will be able to perform up to five free transactions at their own bank ATMs (both financial and non-financial transactions). Further, ATM withdrawals will be free in metro areas for three withdrawals and five for non-metro withdrawals from other banks. Additionally, the RBI permitted banks to raise interchange fees for financial transactions from Rs 15 to Rs 17 and non-financial transactions from Rs 5 to Rs 6 across all centers.

New rules for interchange fees come into effect on August 1

Bank customers will continue to have the option to use their own bank ATMs for up to five transactions free of charge per month (including financial and non-financial transactions). In addition, the customers will be able to use ATMs in metro cities for three free transactions and five in non-metro centers.