Banks holiday: Banks closed today, tomorrow: Will it impact market?

NEW DELHI: Barring Meghalaya and Mizoram, banks across the country were closed for business on Thursday, as lenders devoted the day to close the accounts for fiscal year 2021. This could also impact how you trade in the equity market.

April 1, 2021 is a settlement holiday on account of annual bank closing day. A settlement holiday is the day when trading is possible but clearing and settlement are closed for pay in and pay out of stocks and funds.

“Your account balance will not include the following credits on April 1, 2021: Intraday profits made in the equity segment on March 30-31. Credits from trades made in equity F&O, currency, and commodity derivatives on March 31. This will include options premium credits, futures M2M profits, etc,” Zerodha said in a note.

Due to the same reason, the currency derivative market also remained closed for trading.

Banks and all markets will also be closed on Friday on the occasion of Good Friday. Banks will resume their operations on Saturday.