Indian Bank is a well-known bank with several branches all over India offering its user’s banking and finance assistance along with keeping the record of fixed deposits of the current account, internet banking and much more facilities that one can easily avail.
In case one has this plan of closing their bank account in Indian Bank, this guide is going to help you with to the point information explaining the entire process so that one doesn’t have to face any difficulties in understanding and implementing everything accordingly.
But before that, let’s have a look at the reasons that may cause someone to close their account in any particular bank –
- Poor customer service.
- Lower rate of interest.
- Having more than one account.
- Any kind of dispute with bank members.
- Poor online services.
- Higher fees in case of transactions.
Steps to be followed for closing Indian Bank Account
If you want to close your bank account in Indian Bank, here are some steps to be followed –
- Step #1: Get the closure form of the bank account and fill it up.
To close your account, download the closure bank account form from the bank website or visit the bank directly to get a copy of the account closure form. Fill up every required detail, and a signature is a must. If someone has a joint bank account, then the signature of every member who’s using the account is required.
- Step #2: Attach your KYC, which is known as your customer Documents.
Every bank account owner needs to provide their KYC document that includes their PAN card, aadhar card serving as their identity proof, and their address proof for the closure of the current bank account. They may be asked to self attest to the documents mentioned above.
- Step #3: Give your balance cheque, debit card and passbook to your bank branch.
Whoever is willing to close their bank account permanantly needs to surrender their Cheque, debit card, and passbook to their particular bank branch; only then the bank will take their account closure process further.
- Step #4: Withdraw your bank balance amount from your savings account.
The owner of the account is advised to withdraw their money from their savings account in the form of cash or through a cheque, or transactions can be made to their new account. The bank first will verify every attached document, and after the user is convinced that everything is okay, they can take their money back with them.
Following the above steps, one can quickly close their Indian bank account without facing any complications or other problems. These are the hassle-free and easy steps to be followed.
Once every process has been over and your account is successfully closed, the bank branch will inform its owner via email or message on their phones.
NOTE- If you find any difficulty in closing the Indian bank account, call on 180042500000; it’s a customer care number of the bank. The customer care executive will help you in closing the bank account.
Things to do before closing the Indian Bank account
There are several things that you should keep in mind before closing the account, and some are as follows:
- You must visit the bank branch for closing the existing bank account in Indian Bank.
- You should be aware that if you once close the account in the bank, the bank will never allow you to open the account again in future.
- It is recommended to take a printout of the bank statement and keep it safe as several times you might need the older bank statement.
- Make sure to unlink your cards from the automation payments.
- For an easy and smooth account bank closing process, one should clear all the remaining dues.
- Transfer all your remaining money to the new account while closing your existing bank account in Indian Bank.
Indian Bank Account Closing Charges
Anyone who is willing to close their Indian bank account is supposed to pay the amount ranging from Rs.500 to Rs. 1000.
Then the other process for the account closure task is undertaken, and work is finished within 14 days.
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Frequently Asked Questions
How to close a bank account in an Indian Bank without visiting the bank?
The account owner may download the closure account form of the Indian bank online, but it is mandatory to visit the bank to submit their KYC documents. Alternatively, you can also get the Indian bank account closure form from your branch.
What if there’s minimal balance in my bank account?
If the amount is less than the amount supposed to be in your bank, then you may have to pay some required fees, and also this will bring up some complications and delay in your bank account closure. The bank will charge some negative amounts.
Is it possible to close one’s Indian bank account online?
No, it is not at all advised or allowed to apply for the account closure in online ways by Indian Bank. One must have to visit the branch to close the bank account.
Is it important to have a minimum required amount in the bank?
Indeed it is; otherwise, charges are there to be paid. Every bank sets a minimum account to have in the account, and if it is not maintained properly, the bank will charge a negative amount.
How much time will the Indian Bank take to close the bank account?
If you follow the process mentioned above, you can easily close the Indian bank account. However, the time may differ based on several circumstances; otherwise, the bank account will be closed within 14 days.
Can I close the Indian bank account before one year?
Yes, anyone can close the Indian bank account before a year.
What are the documents that I require to submit while closing an Indian bank account?
While closing the Indian bank account, the bank will ask for certain documents for the verification process like PAN card, Aadhar card, your bank passbook, and passport size photograph.
How can I change my Indian bank account to zero balance?
Yes, Indian Bank allows its customers to change the Indian Bank account to a zero balance account. In a zero balance account, the customer only has to maintain a minimum balance on a monthly basis or quarterly.