IDFC First Bank is one of the most reputed banks. It offers good interest rates, online banking services, and low interest on loans. So it is usually seen that once a person opens an account with IDFC First Bank, there are rare chances to close it, and it opens with the bank after a long time.
But eventually, there can be many reasons that influence a person to close the account in IDFC First bank. The reasons can be are as follows:
- Unsatisfied rate of interest
- Unsatisfied customer service
- Multiple accounts
- High bank fees or charges
- Not proper working of online services
If you planned to close your account with IDFC and you have a lack of knowledge of the closing processor. Don’t get worried about it. This page will help you with complete guidance or information about how to close an IDFC Bank account.
Steps to be Followed for Closing IDFC First Bank Account
Here, we inclined the easy steps that will help you to close the account easily.
Step #1: Get the IDFC First bank account closure form.
The initial thing is to get the IDFC First bank account closure form that you can obtain from the bank branch and alternatively from the bank’s official website. It’s easy and straightforward to download the account closure form from the official website.
Step #2: Fill the account closure form.
After getting the form, you need to fill-up the form properly without any mistakes as it can create barriers. The following information is required to fill in the form, so avoid the chances of mistakes and fill in the details accurately.
- Name of applicant
- Registered mobile number
- Mode of payment through which you want to withdraw your remaining amount
- Signature ( If there is a joint account, so make sure all account holders will sign)
Step #3: Attach the KYC documents.
After filling up the account closure form, you have to attach your KYC documents for the account verification process. KYC Documents, Know Your Customer, includes documents such as PAN Card, Aadhar Card, or any address proof.
The account holder may be asked for self-attested KYC documents. So while attaching the KYC documents with the form, make sure to sign on all the documents.
Step #4: Submit all your bank documents.
Once you fill the form with self-attested KYC documents, you have to surrender all remaining documents of the bank like balance Passbook, Cheque Book, Debit Card, etc.
Step #5: Withdraw your remaining amount from IDFC First Bank.
In the end, the bank will verify your form and all details, and they will find everything all right; you can ask for the withdrawal of your remaining account balance. You must mention the mode of payment you would like to receive your money like cash, cheque, bank transfer, or D.D. Additionally, don’t forget to receive the recipient slip from the bank after submitting the form.
If you follow all these steps and submit the form with the correct details and with all necessary documents, you will be able to close your bank account in IDFC Bank without any difficulty. Bank verifies all documents; then the bank generally sends an SMS or email on your registered mobile or email Id after the account closes.
Also Read: How to Get Money from a Closed Bank Account?
Important Points Keep in Mind before Closing IDFC First Bank Account
- For closing an account in IDFC bank, it’s required to visit the branch.
- Once you apply to close your account and the bank closes your account, you will not be able to re-open your account in any circumstance. So think before closing your account.
- Before closing your account, settle all your dues or loan payments. Make sure that your account has a nil balance.
- One must keep a soft copy of the full bank statement for future reference.
- Deactivate all automated payment instructions.
IDFC First Bank Account Closure Form
For downloading the IDFC account closure form, one can easily visit the website and get the form. Download IDFC First Bank account closure form from official website or as mentioned below.
IDFC First Bank Account Closing Charges
Generally, IDFC Bank will not charge any amount if the account holder closes their account within 14 days from opening the account. But when the account holder wishes to close the account after 14 days or some years, then the bank will charge an amount for closure. The charges will differ depending on the type of account.
The charges are as follow:-
Closing SF account within one year of opening –
- For non-individuals – Rs. 500
- For individuals – Rs. 200
Closing current account within one year of opening –
- For non-individuals – Rs. 800
- For individuals – Rs. 500
Frequently Asked Questions
Is this needed to maintain a minimum balance in IDFC First Bank?
Yes, it is needed; if you are not able to maintain a minimum balance, the bank will penalize your account and ask for maintenance fees.
Can we close accounts without visiting the bank branch of IDFC First?
No, you can’t close your account without visiting the bank.
You can download the account closure form online only, but for further processing, you must visit your bank branch.
Can I close the IDFC First Bank account with a negative balance?
There is a very rare chance that the bank will allow you to close in a negative balance, which will bring lots of problems for you.
Is there any facility to close the IDFC First bank account through Net Banking?
No, there isn’t a facility where any person can close their account using Net Banking. You must have to visit the bank.
Are KYC Documents needed while submitting the form?
Yes, KYC documents are required for the verification process, and if you haven’t attached the KYC documents, you may face several problems in closing the IDFC bank account.
How do I get my remaining amount after closing the account?
Bank will offer you the mode of payments, and you can choose whatever through which you like to receive the remaining amount, like cash, cheque, D.D., or bank transfer.
Can we close an IDFC Bank account within a year?
Yes, you can close your account any time, but if you close the account after 14 days of the account opening, the bank will charge certain account closing charges.
What would happen if I closed my account with a negative balance?
It brings lots of problems for you; the bank would take legal action against you, and maybe you won’t be able to open a new account in any bank.
Is it needed to settle the remaining dues?
Yes, you have to clear all dues of your account or deactivate your automated payments instruction. It will ease the account closing process.
How much time will it take to close the IDFC First bank account?
If all the documents submitted by you get verified, then a minimum of 3-4 days will be taken by the IDFC bank to close the account.