This year, the last day of the financial year coincides with Eid-ul-Fitr celebrations. Many are likely wondering whether all the major financial institutions, such as banks and income tax departments, will be open or closed on March 31, 2025.
Are banks open on March 31?
The Reserve Bank of India (RBI), in a circular issued on March 17, informed that all the banks will remain open on March 31, 2025. Previously, this day was marked as a holiday in several parts of the country according to the RBI calendar due to Eid-ul-Fitr celebrations.
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 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 cheques on March 31, 2025 for which the Department of Payment and Settlement Systems (DPSS), RBI will issue necessary instructions
Are income tax offices open on March 31?
Income tax offices across the country will remain open from March 29 to March 31 to enable taxpayers to complete tax-related transactions for the end of the financial year, according to the Income Tax Department.
It must be noted that the deadline to file the updated income tax returns is March 31, 2025.
“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.
Are insurance companies open on March 31?
According to the Insurance Regulatory and Development Authority of India, the offices of insurance companies will remain open from March 29 to 31 so that policyholders can complete all policy-related transactions at the end of the fiscal year.