Steps you can follow to close bank account

Having a limited number of bank accounts is good but too many bank account can be a trouble for you. Because you have to maintain minimum balance requirements on each of them. So it is advisable to close bank accounts that are not used actively. If you among them who have an unwanted bank account then you should close it. Do you know how to close a bank account?

Here are some steps which you can follow to close your bank account. But before you go for it don't forget to delink your bank account from any of the payments platforms or service apps like Paytm, Uber, Swiggy etc.

Things you need to know

Here are a few things you need to know before closing your bank account.

• Once you close your account you cannot re-open it again
• Before proceeding with the account closure you should make the balance to zero
• In case if there are any pending dues, then you should clear it before closing the account
• Before closing an account you should take the complete bank statement of your account for future use.

Steps to close a bank account

Here are some steps which can guide you to close a bank account.

Visit Bank

You cannot close your bank account online. You need to visit your home branch where you opened the account. So you need to walk into the home branch where you have an account and request them for account closure.

Account closure form

All banks provide an account closure form, which you can procure from the bank’s branch or website. If you have a joint account, then all account holders will have to give their consent by signing the closure form.

Fill the complete details

After you receive the account closure form. You need to fill the complete details on it:

• Name of the account holder
• Account number
• Contact number
• Signature of the account holder
• Reasons for closing the account

Sumit required document

After filling up the closure form you need to submit it to the bank with the following:

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• Cheque Book: You need to return the cheque book along with remaining cheque leaves to the respective bank branch at the time of closing their account.
• Passbook: You should also handover your passbook to the bank at the time of closing their SBI account.
• Debit Card: The account holder should also return their debit card which is used to withdraw money from ATM.
• ID proof: Some bank may even ask you for ID proof and address proof before closing your account.

Closure charges

Some banks charge for the account closure. For example, SBI Bank's don't charge for the closure within 14 days of the opening of an account. Any closure of the SBI bank account after 14 days but before 1 year are subject to some closure charges.

Keep these things in mind and don’t let unwanted bank accounts lie idle as there is no benefit in making yourself overburdening in gathering information and statements from too many banks. So close unwanted account they serve no good to your financial life.

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