Nowadays many people hold multiple bank accounts as they change their jobs.
In such a case, some bank converts their zero balance salary account into a regular savings account after some period and notice about the account balance details.
So the customers should maintain the minimum average balance in those non-salary periods.
This is an issue not only to the Business People but also to the Normal average people, in this current Modern Era everyone is having a bank account like 96 people out of 100 holds a Bank account.
And that’s the major reason for the growth of these much no of banks all over the world, even some poor nations are even having best banks with them.
Most of the people usually don’t have a single bank account with them, even we have like 6 bank accounts which were official to our company.
In a recent survey taken by times its been known that most of the people prefer to have at least two bank accounts and that too with different banks because it’s really necessary.
And while some people have a single account and when they are not satisfied with the services they want to close their account and this post is for them
Steps for closing bank account in 2020
Here are some steps you need to follow to close your bank account
- Stop all automatic debits first
- Submit account closure form
- Update your new account details
- Be aware of closure charges
Stop all automatic debits first
Before closing the bank account, you need to de link other debits or relationship.
It also includes any kind of security things with the account in your previous bank
If in case your old bank account is linked with any loan instalment, you need to provide a new alternative bank account.
The customer should need to provide these details while filling a de-linking account form issued by the bank.
Know about Banking Issues and Solutions
This will take approximately a week to 10 days to close your other relationship with the bank.
Only after these procedures done you can proceed for closing your bank account.
Submit account closure form
To carry out this account closure process, an account holder should visit the bank personally.
Then you will submit the account closing form with De-linking form.
In the form, you need to mention the reason for closing the bank account.
In case of a joint account, the form should be signed by the account holder.
And also you should provide the alternative bank account to transfer the bank balance.
After successfully closing the account maintain the last Bank account statement that States the date of closure for future reference.
Update your new account details
In case you close your old salary account, the update the employer with new account details.
Then if you have linked your utility bill payment with the bank account just closed, you need to provide new bank details.
Be aware of closure charges
Bank doesn’t charge the customer in a case savings account are closed within 14 days of opening.
So choose out the banks of your wisely.