How to close a bank account in 5 steps

How to close a bank account in 5 steps

FPJ Web DeskUpdated: Thursday, January 09, 2020, 09:11 PM IST
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Having multiple bank accounts can sometimes be taxing as you need to maintain a minimum balance amount into it. A State Bank of India account needs to have Rs. 3000 minimum balance in metro and urban areas while an ICICI Bank requires Rs. 10,000 minimum amount in your savings account. If you fail to maintain, you will attract penalty from the respective banks. Hence, to avoid this most people prefer to have only one account.

Incase you have multiple bank accounts and want to close one, here is how you can do it:

1. De-link the account that you want to close from all the payment platforms like Google Pay, PhonePe or Paytm and also for any investments, loans, or trading.

2. Fill the closure form from your respective banks. In case of a joint account, all the account holders need to give in their consent to close the account.

3. If the account you want to close has funds then you need to transfer by it by giving the respective details to the bank or else you can encash the remaining funds (up to Rs 20,000 only).

4. Some banks may also ask you for the unused cheque books and cards to be deposited along with the form to destroy it later. While some banks ask you to destroy the stuff yourself.

5. If you close the account within a year of starting it, the bank will slap you with closure charges which may be Rs. 500 with additional GST.

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