If you want to know how to close the Federal Bank account, here we mentioned the complete procedure to help individuals. If you are also the one looking to deactivate the Federal bank account, explore this guide and get the relevant information that will help you easily close the Federal bank account.
Steps to Follow For Closing Federal Bank Account
If you desires to smoothly close the Federal bank account, follow the below mentioned steps-
- Step #1: Get the Federal bank account closure form
To close the federal bank account, you need to visit the bank branch and attain the account closure form from the bank’s staff. Moreover, you can also get the form online from the official website of the Federal bank and download the account closure form.
- Step #2: Fill it out correctly
The most important work is to fill out the form very perfectly without any inaccuracy. Any kind of inaccuracy will be not considered, and the bank will reject your account closure form. So fill the form correctly.
Note- Following details are mandatory while filling the form-
- Step #4: Submission of KYC Documents along with account closure form
When you fill up your Federal account closure form with accurate information, then it’s time to attach your KYC documents. Documents contain Pan card, Aadhar card, and others if required. Make sure that all your documents are self-attested. Bank will ask for self-attested documents, so make your signature on them because, without your signature, your documents will not be considered valid.
- Step #5: Surrender your bank documents and submit the account closure form.
The final step in which you have to submit the account closure form to your bank branch manager. Along with the form, submit the remaining passbook, cheque, Debit Card, Credit Card and others if you have. After submission, receive your form submission slip. Within 7-10 days, you get an SMS and email of your account closed on your registered mobile number or email Id.
Note- After following the guidelines, there is a lack of possibility that you will face a problem in the Federal bank account closing process. In spite of this, if any problem comes, you can contact a customer care specialist who is always there to solve customer problems. You can directly call on 18004201199.
Things to be Consider before closing Federal Bank Account
- If you have a set mind to shut down the Federal bank account, don’t forget to withdraw your remaining amount from the bank.
- If you want to transfer your balance amount, then make sure that you have opened a new account.
- If you have any bad debt or overdraft, then assure that you settle down all dues and claims.
- For closing an account, you have to visit your account home branches and ask the branch manager about it.
- One must save a soft copy of the full bank statement while closing the account for any future reference.
Federal Bank Account Closure Form
You can download the Federal bank account closing form from the bank’s official website or get the form by visiting the bank branch. It’s easy to download the form online as it saves your precious time.
Federal Bank Account Closing Charges
All banks charge a certain amount for closing a bank account. Federal banks also impose charges for closing bank accounts. The charges of closing accounts may depend on the type of account and area.
Generally, Federal banks don’t charge any amount if account holders closed their account within 14 days. After more than 14 days, the bank will charge the minimum amount of 500. Plus, Federal banks can also charge a GST amount along with the closing charges.
Frequently Asked Questions
Can I close my account without visiting the bank?
You can only download your account closure form online. Meanwhile, all other steps of account closing are offline, and you have to visit your bank branch. You cannot submit your Federal bank account closure form by sitting home, and no other is able to submit the form on your behalf.
Can I close my Federal bank account before one year?
Yes, you can. Federal banks can’t make any barrier for account closing before one year. You can close your account when you wish. But within 14 days of opening, you don’t have to pay charges, but afterwards, you have to pay account closing charges.
If I forget to mention the repayment method of the remaining bank balance. How will I get it?
The first thing is that while filling the form, make sure you mention all the methods you would like to receive your balance amount. You can get the available options like cash, cheque, DD and fund transfer. If you forget to mention the option, there is a possibility that during the process of closing the account, the bank will ask you the way you would like to receive your amount.
Can we use net banking for closing Federal bank accounts?
No, you can’t. You can only download account closure forms online. For the further process of account closing, you have to visit the bank physically.
Can we close the Federal bank account in a negative balance?
Generally, banks do not allow you to close an account with a negative bank balance. But if there is a need to close the account, the bank will charge a penalty on your account. The penalty amount depends on the type of account and location.
What happens if the minimum account balance is not maintained in the Federal bank?
Banks always call to maintain the minimum amount in the account. It is necessary for account holders to maintain it for a good interest rate. If you are not able to maintain it, the bank will penalize your account and charge some fees.
Is it possible to reopen the closed bank account?
If it closed very recently, say last week. Then the bank might be able to reopen the bank account in the same name as previously. After that, the bank will not be allowed to reopen the account.
Will my Federal Bank account be closed automatically?
No, it will not be closed. The banks can claim a penalty for the non-maintenance of the minimum balance. But generally, the bank does not take such action.
Is there any brokerage charges for Federal bank account closing?
No, there are no brokerage charges for Federal bank account closing. You can close your account through filling the form and submitting the form to the bank manager; there is no broker between this process.
Can account holder family members close bank account on behalf of the account holder?
No for account closing in Federal bank accounts, the account holder must visit the bank branch personally. Family members may not be considered for the process because there will be a need for the account holder’s signature for the documents verification process.