How To Close Bank Account – To keep Savings Account active in the bank, you have to maintain an average quarterly balance. If you do not use any of your bank accounts, it will be okay to close it.
How To Close Bank Account Step by Step
Before closing the Savings Account, it is important for you to see this. No investment or trading account is linked from that account. Generally, there is a link from your bank account linked to investment, loans, trading, credit card payments and insurance. If there are any other account links like this from your bank account. So first link your second bank account with such payment. When closing the account, you may have to fill out the De-Linking Account form. (Close Bank Account)
Fill Account close Form
Account close forms are available in the branch of the bank. You have to disclose the reasons for closing the account in this form. If your account is a joint account. All signatories of the account holders are required on the form. You will also have to fill out a second form. In this, you have to give the account information. In which you want to transfer the remaining money to the account closed. To close the account, you will have to go to the bank branch itself.
What documents should be given
The bank will ask you to deposit the checkbook and debit card not used with the Bank close Form.
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The closer charge also sounds
Banks do not charge any kind of charge after closing it within 14 days of opening the account. If you close 14 days after opening the account and before closing it one year then you may have to pay an account close charge. Normally, closing charges forclose of more than one year are not charged. (Close Bank Account)
If there is money in the account
The money in the account can be paid in cash (up to only Rs 20,000). You also have the option of transferring this money to your second bank account.
Keep this in mind too
If your account has more money. Transfer it to another account before starting the close process. Keep the last statement of your account. In which the account close is mentioned.
CIEL has been taken from this Post Center for Investment Education and Learning. In this, Girija Gad Aarti Bhargava and Lucky Mehta are the contributors. The thoughts expressed in this post are of the author’s own. It is not necessary to match them with ET’s thinking. (Close Bank Account)