When it comes to closing of bank account, many questions come in the mind that is how to close a bank account? What are the charges? What is the process? Etc. Closing an account is not a big task; you can simply close your bank account by following simple guidelines. Through this article, we have provide all the essential details related to the closure of the bank account for both public and private sector banks. There is no way to close your bank account online, and you have to do it via offline mode only. We have provided the complete steps go through it and close your bank account accordingly.
Steps Before Closing the Account
- If you haven’t operated your account for two (02) years then, in that case, you require to re-open the account first, and after that, the application form for the closure of the account will be submitted to the bank.
- If you have credit, debit card, or bank locker with you first, you require to close them and have to submit the same with the bank only.
- All the required documents have to be submitted at the time of closure of the account.
- If you have a joint savings account, then both the partners have to be present at the time of closure of the account. Some of the banks can also ask for the No Objection Certificate (NOC) of the non-present partner should work.
- Withdraw or transfer the complete bank balance.
- If in case your bank account is linked to a credit card, Demat & Trading account, FD, Loan , etc you need to delink the same.
Steps To Close Bank Account for Public / Private Sector
- Go to your bank branch and ask for the account closure form from the bank officials. You can also download the account closure form from the official website.
- The Bank officer in charge will ask you to submit the filled application form with your signature and required documents.
- Now you will ask to surrender the cheque book, passbook, debit/credit card issued to you by the bank.
- After that, your account will be verified by the officials, and you will ask to pay remaining/ pending charges, if any.
- The bank will also charge the account closure charges. It will differ from every bank. For instance: SBI charges Rs 500 + GST.
- The process has been completed, and the bank account will be closed within 10 working days.
- After the closure of the account, you will get the SMS on your registered email id and mobile number.
Bank Account Closure Charges of SBI
|Up to 14 days of opening – Free look period||NIL (As per BCSBI Code)|
|After 14 days up to 1 year of opening of account||Rs. 500+GST|
|Beyond 1 year of opening of account||NIL|
|Accounts closed on settlement of accounts of deceased depositors||NIL|
|Closure of Regular SB account by BSBD account holders||NIL|
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