Eid 2025 bank holiday: Are banks, markets, tax department open or closed on Monday, March 31 for fiscal year-end closures?

This year, Eid-ul-Fitr (Ramadan Eid) falls on Monday, March 31, the last day of the financial year. While banks were scheduled to be closed on this day, the Reserve Bank of India announced in a circular that all agency banks that handle government transactions will remain open to facilitate government-related payments and receipts.

“With a view to providing greater convenience to taxpayers, it has been decided to keep the branches of Agency banks, dealing with Government business, open for transactions on March 31, 2025 (Monday-Public Holiday),” the RBI circular dated March 17 read.

The circular added, “In order to facilitate accounting of Government receipts and payments in the current financial year itself, necessary arrangements have also been made to conduct special clearing operations across the country. Special clearing will be conducted for government checks on March 31, 2025 for which the Department of Payment and Settlement Systems (DPSS), RBI will issue necessary instructions.”

Are markets open on March 31?

On account of Ramadan Eid, March 31 will be a trading holiday, meaning that trading in equity and derivatives markets will be closed on that day. This means that trading on Indian stock exchanges, the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), will be closed on Monday, March 31 on the occasion of Eid-ul-Fitr.

The Multi Commodity Exchange (commodity market) will be closed partially, with its morning session (9 am to 5 pm) closed for trading and evening session (5 pm to 11:30 PM/11:55 PM) open.

Settlement holiday on April 1

Income tax offices and insurance companies on March 31

As per the Income Tax Department, income tax offices in the country will remain open from March 29 to March 31 to facilitate tax-related transactions during the end of the financial year 2024-25.

“To facilitate completion of pending departmental work, all the Income Tax Offices throughout India shall remain open on 29th, 30th and 31st March 2025,” the Central Board of Direct Taxes (CBDT) said.

Furthermore, even the insurance company offices will remain open from March 29 to 31 so that all policyholders can complete their transactions at the end of the fiscal year.

What are agency banks?

A total of 33 designated public sector, private sector, and foreign banks, known as agency banks, are authorised to handle government-related transactions under Section 45 of the RBI Act.

Agency banks have designated branches that enable them to handle government transactions (receipts and payments) including tax collections and pension disbursements.

1. Bank of Baroda

2. Bank of India

3. Bank of Maharashtra

4. Canara Bank

5. Central Bank of India

6. Indian Bank

7. Indian Overseas Bank

8. Punjab and Sind Bank

9. Punjab National Bank

10. State Bank of India

11. UCO Bank

12. Union Bank of India

13. Axis Bank Ltd.

14. City Union Bank Ltd.

15. DCB Bank Ltd

16. Federal Bank Ltd.

17. HDFC Bank Ltd.

18. ICICI Bank Ltd.

19. IDBI Bank Ltd.

20. IDFC FIRST Bank Ltd

21. IndusInd Bank Ltd

22. Jammu and Kashmir Bank Ltd.

23. Karnataka Bank Ltd.

24. Karur Vysya Bank Ltd.

25. Kotak Mahindra Bank Ltd.

26. RBL Bank Ltd

27. South Indian Bank Ltd.

28. Yes Bank Ltd.

29. Dhanlaxmi Bank Ltd.

30. Bandhan Bank Ltd.

31. CSB Bank Ltd.

32. Tamilnad Mercantile Bank Ltd.

33. DBS Bank India Limited (Scheduled foreign bank issued license by RBI for carrying on banking business in India through Wholly Owned Subsidiary (WOS) mode.)