Want to close your bank account? Follow these steps
If you have an inactive bank account, then there are chances that your account offers overdraft services. In this situation, the bank makes your account dormant or inactive. In which you will be paying a lot in overdraft fees. If your bank account has no transaction and no balance for over 12 consecutive months then banks classify it as an inactive account or dormant account. And for that, you may become trapped in an overdraft cycle where a big part of your income goes towards the overdraft fees. In such situation, if you plan to close your account to avoid banks levy penalty fees for the non-maintenance of minimum average monthly/quarterly balance then here are the quick steps you should take.
1. Visit the bank branch:
Visit your bank branch with all your account details which you want to close. Ask for the bank account closure form to the concerned person. (Photo: Reuters)
2. Account closure form:
Fill up the account closure form with all the accurate details, If in case you are opening a new account then give all the details of another bank. If you already have another account then give all the information of another account eg: Bank account number, IFSC code, Bank name, bank branch etc. (Photo: Pixabay)
3. Details of substitute bank
Provide the details of another bank account in which you want to transfer the balance amount. (Photo: Pixabay)
4: Fill the de-linking account form, if required
In case you want to link the account with another account then you need to fill up the de-linking account form. (Photo: Pixabay)
5. Submit the property
While closing the bank account you need to submit all the unused cheque books, debit cards, credit card etc to the bank. (Photo: Pixabay)
6. Account closure charges
Some banks will charge you account closure fees, in that case, you have to pay the charges to them and your account will be closed. (Photo: Reuters)