I'm not sure I'd bother taking them off.
If you do you have to rebung them, shave down the bung, sand it, feather the varnish around it and build up coats of varnish over it.
Then to blend it all in nicely you'll need to put on at least one coat over the entire hand rail.
I've done it both ways and stopped taking them off to refinish unless rebidding was really necessary.
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