Most people with jobs have more than one bank account. Many times a new bank account has to be opened after changing the company. Some banks convert a customer account into a savings account if there is no salary credit in the zero balance salary account for a few months. A minimum balance is required to be maintained in a non-salary savings account, which cannot be met many times. If there is no minimum balance in the account, then the account should be closed. However, you should take care of some important things when you go to close your account.
Turn off automatic debits, While closing your account get all the debits linked to your account delinked. If your bank account is linked to the loan EMI of the month, then you should give a new alternate bank account number to your lender.
To permanently close the bank account, the account holder will have to visit the bank branch. You have to fill the account closure form by going to the branch. Along with this form, you also have to submit a de-linking form. Also, check books, credit cards and debit cards which are not in use, have to be deposited with the bank.
Update new account details On closing the old salary account, give new account details to the employer so that your salary or pension keeps coming in new account.
Fee for account closure: There is no charge for closing the account within 14 days of opening the account. Banks charge a fee for closing an account between 14 days to one year after the account is opened. For this, the fees of different banks may vary. And no fee is applicable for closing the account after one year of opening.
If you have opened more than one bank account and you do not have any of their work, then you can close them. Because, even when the accounts are not in use, they have to maintain a quarterly minimum amount. Therefore, it would be right to close these accounts.
