Close The Unused Additional Bank Accounts; Keep These Four Things In Mind

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New Delhi, January 20, 2021: Private sector employees and business people often have accounts in more than one bank. Sometimes employees have to open a new bank account when they switch companies. Some banks convert a zero balance salary account into a savings account if there is no salary credit in for a few months. This makes it necessary to maintain a minimum balance in many banks’ savings accounts. Customers often fail to maintain a minimum balance in more than one account.

Customers having accounts in different banks can close them if they are not in use. Even though accounts are not in use, they have to maintain a quarterly minimum amount. Hence in this scenario closing these accounts would be appropriate. However, while closing the accounts, keep in mind the following points-

1. To permanently close the bank account, the account holder has to visit the bank branch and fill in the account closure along with the delinking form. Additionally, the account holder has to deposit an unused cheque book, credit card, and debit card in the bank.

2. There is no charge for closing the savings account within 14 days of its opening. However, banks charge a fee for closing an account between 14 days to one year after the account is opened. The fees of different banks may vary for this. Simultaneously, there is no charge for closing the account after one year of opening the account.

3.If you are closing your bank account, then first terminate automatic debits and delink all the debits from that account. If your bank account is linked to monthly loan EMI, you should provide an alternate bank account number to your lender.

4.If you are closing the old salary account, give the details of a new account to your employer so that your salary or pension keeps depositing into the new account.

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