Bangladesh Bank has recently published Bangladesh Bank Holiday List 2024 . This list provides details on the public holidays when banks and financial institutions in Bangladesh will remain closed for the year 2024.
Overview of Bangladesh Bank Holiday List 2024
Bangladesh observes a number of public holidays and festivals throughout the year when banks remain closed. These bank holidays are declared by Bangladesh Bank under the guidelines of the Ministry of Public Administration.
Bank holidays in Bangladesh can be categorized into the following:
- National holidays commemorating historical events like Independence Day, Victory Day etc.
- Religious holidays for the major festivals in Islam like Eid-ul-Fitr, Eid-ul-Azha etc.
- Festivals of other religious communities like Durga Puja, Christmas, Buddha Purnima etc.
- Days of national importance like National Mourning Day, National Children’s Day etc.
- Weekend holidays on Fridays and Saturdays.
- Two additional bank holidays on 1st July and 31st December.
During bank holidays, all branches of commercial banks, foreign banks, microfinance institutions, financial institutions, and money exchanges remains closed. No banking or financial transactions take place on these public holidays.
Bangladesh Bank issues the bank holiday list at the end of each year for the upcoming year so that customers and financial institutions can plan accordingly. This helps maintain uniformity as all banks observe holidays on the same dates.
Highlights of Bank Holidays 2024
As per the bank holiday list published by Bangladesh Bank, the following are the key highlights for 2024:
- There are a total of 22 public holidays for the year 2024.
- Along with the 22 public holidays, banks will also remain closed on 1st July and 31st December as bank holidays.
- So in total, there will be 24 non-working days for banks due to holidays.
- Out of these 24 days, 2 days fall on Fridays which are weekend holidays. So effectively there are 22 public holidays.
- The key holidays are Independence Day, National Children’s Day, Pahela Baishakh, Eid-ul-Fitr, Eid-ul-Azha, Durga Puja, Christmas, Victory Day among others.
- Public holidays are not fixed and are subject to change based on the Islamic calendar for religious events. The exact dates will be updated closer to the events.
- Weekend holidays are fixed on Fridays and Saturdays for the calendar year.
Complete Bangladesh Bank Holiday List 2024
Here is the complete Bangladesh Bank holiday schedule for 2024 as announced:
|21 February||Shaheed Dibash and International Mother Language Day||Thursday|
|17 March||Birthday of Father of the Nation Bangabandhu Sheikh Mujibur Rahman||Sunday|
|26 March||Independence and National Day||Tuesday|
|5 April||Jumatul Bidah||Friday|
|14 April||Bengali New Year’s Day||Sunday|
|1 May||May Day||Wednesday|
|22 May||Buddha Purnima||Wednesday|
|1 July||Bank Holiday||Monday|
|17 July||The Holy Ashura||Wednesday|
|15 August||National Mourning Day||Thursday|
|13 October||Durga Puja||Sunday|
|16 December||Victory Day||Monday|
|25 December||Christmas Day||Wednesday|
|31 December||Bank Holiday||Tuesday|
In addition to these bank holidays, Fridays and Saturdays of each week are weekend holidays.
Changes in Dates of Public Holidays
It should be noted that the dates of certain public holidays are liable to change depending on the sighting of moon or other factors.
The dates for events like Eid-ul-Fitr, Eid-ul-Azha, Shab-e-Barat, Shab-e-Qadr which follow the Islamic lunar calendar will be updated closer to the events.
Durga Puja and Janmashtami dates are also sometimes changed if the dates clash with weekends or other public holidays.
So the holiday list serves as a guide but the exact dates will be confirmed nearer to the events after verification of the lunar calendar. Any changes are announced by Bangladesh Bank through circulars and notifications.
Bangladesh Bank Holiday List 2024
Importance of Bank Holidays for Customers
The bank holiday list is important for customers to plan their finances in advance. It helps them know in advance when banking services will not be available.
Customers should schedule important financial transactions like payments, account openings, loan applications etc on working days and avoid bank holidays to prevent any delay or issues.
During festivals like Eid when banks remain closed for 3-4 days, customers should withdraw extra cash from ATMs for expenses.
For fixed deposits maturing or loan EMI payments due during holidays, customers should make arrangements in advance.
Overall, being aware of bank holidays will help customers manage their banking activities smoothly.
Impact on Banks and Financial Institutions
Bank holidays significantly impact the operations of banks and financial institutions.
- With no transactions on holidays, banks do not earn revenue on those days from services like funds transfer, LC commissions etc.
- But banks have to incur expenses like employee salaries and overheads despite being closed. So holidays hit their profits.
- Settlement of interbank funds transfer and cheque clearing is halted during holidays. This leads to build up of pending transactions.
- Banks need to deploy more resources and workforce after holidays to handle the pending transactions and backlogs.
- Due to holidays like Eid where banks are closed for 3-4 consecutive days, ATM cash management becomes a concern as more customers withdraw cash.
- Branches and ATMs require higher security on holidays to prevent risks and untoward incidents.
So banks need to plan carefully to manage operations around the holidays while minimizing disruptions in customer service. Many banks also announce reduced working hours during Ramadan period.
Economic Impact of Bank Holidays
Bank holidays affect the broader economy as well since banking facilitates commerce and business activities.
- During holidays, business transactions come to a standstill due to unavailability of banking support like payments, guarantees, LC facilities etc.
- Government treasury and debt market operations are also closed on holidays which impacts liquidity and monetary policy.
- Remittances and fund transfers are halted leading to forex market fluctuations.
- Holidays like Eid sees higher import activity and demand for foreign currency.
- Holidays also slow down export-import trade transactions due to lack of banking services.
So bank holidays have wide socio-economic repercussions across the country. Both public and private sector business activities are disrupted.
Guidelines for Banks on Bank Holidays
While announcing the list of holidays, Bangladesh Bank also issues guidelines for banks regarding activities on those holidays:
- Banks must prominently display the holiday list for the public at all branches and websites.
- Holidays are applicable across the entire banking sector, including state-owned and specialized banks.
- Prior approval of Bangladesh Bank is required for any additional holidays not announced in the list.
- Bangladesh Bank regional and head offices will coordinate with banks on clearing and settlement activities.
- Banks should ensure sufficient cash supply at branches and ATMs before holidays to serve customer needs.
- Core banking and payment systems should function smoothly during holidays for services like online transactions, mobile banking etc.
- Standard security procedures must be followed at vacant branches and offices during holidays.
By following Bangladesh Bank guidelines, banks must aim to minimize customer inconvenience and service disruptions during holidays.
FAQ on Bangladesh Bank Holiday List 2024
Here are some common queries people have regarding bank holidays in Bangladesh:
How many total bank holidays are there in Bangladesh in 2024?
There are 22 public holidays and 2 additional bank holidays, totaling 24 days in 2024 when banks will be closed. As 2 days fall on Friday, effectively there are 22 non-working days for banks.
Are banks closed on Saturdays as well?
Yes, along with Fridays, banks remain closed on all Saturdays throughout the year as weekend holidays.
Can I still conduct online banking transactions during holidays?
Most banks provide online banking and mobile banking facilities on holidays. But services like fund transfer may be halted while ATM and debit/credit card usage continues.
What if a fixed deposit matures or loan EMI is due on a holiday?
Banks usually adjust the date to the next working day. Customers should check with their bank before a due date that falls on a holiday.
How are bank holidays decided in Bangladesh?
Bangladesh Bank decides the list of bank holidays in alignment with the government notification. Religious holidays are fixed based on the Islamic calendar.
Are foreign banks operating in Bangladesh also closed?
Yes, bank holidays apply uniformly across all commercial banks in the country including foreign banks.
What if I have an urgent banking need during a holiday?
Unfortunately, with all branches closed on holidays, no banking services are available. Planning in advance is best to avoid an emergency on a holiday.
The Bangladesh Bank holiday list provides key details about the public holidays and occasions when banks across the country will remain closed in 2024. Customers should take note of the holidays so that their banking and financial activities are not affected. For banks, the holidays need to be factored in while scheduling operations and managing workforce and liquidity. Overall, the uniform bank holidays calendar facilitates smooth functioning of the banking system. Careful planning by all stakeholders around the holidays can help minimize disruptions.