New Delhi: If you also eagerly wait for the message of ‘Salary Credited’ to come on your mobile on the first day of every month, then this time you may have to be a little disappointed. On May 1 this year, salaries will not be credited to the bank accounts of many government and private employees. For this you will have to have a little more patience. Actually, there is a coincidence of Labor Day and Buddha Purnima on 1st May, due to which there will be a holiday in banks across the country. Due to bank closure, there is bound to be a delay in the salary transfer process.
Banks remain closed in all the states in the country on the occasion of Labor Day and Buddha Purnima. Although nowadays the facility of net banking and digital transactions is available 24 hours, but the salary processing in big companies and government departments often depends on batch processing and bank working days. Due to delay in services like NEFT and RTGS, salary does not get credited on time.
People whose salary comes on the first of every month may have to wait till May 2 or later. It depends on when your company sends the salary data to the bank and when the bank’s clearing process is completed. In most cases, the money reaches the account on the next working day after the holiday.
Keeping in mind the convenience of their employees, some private companies release the salary a day or two before the holiday. But in companies which run on fixed schedule, there may be a delay of one or two days in receiving the salary. Despite mobile banking and UPI being operational, the system of salary credit works a little differently.
The month of May is going to be very busy in terms of holidays. This month, banks are going to be closed for a total of 13 days including Sunday and Saturday holidays. 3rd, 10th, 17th, 24th and 31st May are Sundays, while 9th and 23rd May will be the second and fourth Saturdays. Apart from this, there will be no functioning of banks in different states due to reasons like Rabindranath Tagore Jayanti, State Day and Eid-ul-Azha. Therefore, customers are advised to complete their important bank work on time.
