Take these steps to close your bank account. – Having a small number of bank accounts is beneficial, but having too many bank accounts can be inconvenient. And you must maintain a certain level of balance on and of them. As a result, it’s a good idea to close any bank accounts that aren’t in use. If you’re one of the people who have an unnecessary bank account, you should close it. Are you familiar with the procedure for closing a bank account?
Here are some guidelines to help you close your bank account. But, before you do so, remember to disconnect your bank account from any payment sites or utility apps such as Paytm, Uber, Swiggy, and so on.
Things you need to know
Before you close your bank account, there are a few things you should remember.
- You will not be able to reopen your account once it has been closed.
- Before closing the account, you can make sure the balance is zero.
- If there are any outstanding balances, you can settle them before closing the account.
- Before closing an account, make a copy of the entire bank statement for future reference.
Steps to close a bank account
Here are some guidelines to help you close a bank account.
Your bank account cannot be closed electronically. You must go to the branch where you first opened the account. As a result, you must go to your home branch where you have an account and request account closure.
Account closure form
Account closing forms are available from all banks and can be obtained from the bank’s branch or website. If you have a joint account, both account holders must sign the closing form to give their consent.
Fill in the complete details
When you obtain the account closing form, fill it out fully. You must fill in all of the following information:
- Name of the account holder
- Account number
- Contact number
- Signature of the account holder
- Reasons for closing the account
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Sumit required document
After completing the closure form, send it to the bank with the following information:
- Cheque Book: When closing their account, you must return the checkbook as well as any remaining cheque leaves to the appropriate bank branch.
- Passbook: When you close your SBI account, you should also hand over your passbook to the bank.
- Debit Card: In addition, the account holder can return their debit card, which is used to make ATM withdrawals.
- ID proof: Before closing your account, some banks can request identification and proof of address.
Some banks charge a fee for closing an account. SBI Bank, for example, does not charge a fee if an account is closed within 14 days of its opening. If you close your SBI bank account after 14 days but before one year, you’ll be charged a fee.
Keep these thoughts in mind, and don’t let unused bank accounts sit idle, as there’s no point in overburdening yourself with details and statements from so many banks. Close any unnecessary accounts that aren’t beneficial to your financial situation.
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