How to close your bank account in 2023

How to close your bank account in 2023: If you have opened more than one bank account and are using one account most of the time, you should close your other bank accounts because Banks deduct your money every year as ATM tax or any additional tax. Due to this, you face financial loss. If you want to close your bank account for any reason then you can get the full information from here.

Reasons to Close Bank Account

By the way, there is no need for any special reason to close your bank account. You can close your bank account anytime for any reason. But you can use these main reasons too –

• You are shifting to another state or another city.
• You have more than one bank accounts
• You want to open an account in another bank.
• You are not satisfied with the bank services
• You are getting charged more in the bank.
• You want to open a joint account.

Other than these you can use any other reason to close your account. You should think before closing your bank account. Because it’s your individual decision. Now let’s learn how to close your bank account.

Also Read: How to link Pan Card with Bank account in 2023?

How to close your Bank Account?

You have to keep some important things in your mind before closing your account. If you breach any of these your account will not be closed. Let’s learn the process step-by-step –

1. Open a new bank account

Before closing your bank account you should open another bank account. So that you can transfer your money from your old bank account to your new one. If you already have another bank account then no need to open a new bank account. In simple words, you should have one bank account before closing another bank account. So that your money will be transferred to that account.

Also Read: How to Open an Account Online From Mobile in 2023?

2. Setup Payment to New Bank account

If the bank account you are closing has a loan, deposit, or auto payment setup, change it to a new one. Because once you close your bank account all the payments will be transferred to your new bank account. For example –

• Installments of car loans
• Installments of LIC or other insurance
• Installments of personal loans or Home loans
• Credit card payments
• Other online services.

Other than all these you can have other payments too. So check all these payments carefully before closing your bank account.

3. Transfer your all money

You should transfer all your money from that account which you are closing to your other bank account. Or you can withdraw your all money through cash. If you don’t know how to transfer money from one account to another then read this article – How to transfer money from one account to another account?

While transferring money or withdrawing money, keep in mind what is the minimum account balance in your bank. You withdraw the rest of the money except the minimum balance. So that at the time of closing the account, no other charge is taken from you.

4. Go to your Bank Branch

Contact your bank branch to close your bank account. Many banks provide online services. From there we can send an online request to close your bank account. But most of the banks prefer to close your bank account by visiting the branch office. 

The Bank officer will check your request of closing the bank account. In addition to that, the officer will see all the attached payments with your account which you want to close. He will check whether you have loans or not. After checking all the details they will start the process to close your bank account.

5. Write an Application to Close Your Bank Account

You have to collect the bank closure form from the bank manager or any other bank official. Its need mostly falls in the bank. If this form is not available in the bank, you can also write the application on plain paper. You have to write the application like this.

To

The Branch Manager,

{Your Bank Name}

Subject: An application regarding the closing of a bank account.

Sir/Madam,

I humbly submit that I am {Your Name}, an account holder of your bank having account number (000XXXXXXXXXX) and ATM number (0000XXXXX0000), which I am unable to operate due to personal reasons. So sir it is a humble request to close my bank account and give the balance amount to me. Thank you.

Name: {Your Name}

Account Number: {Your Account Number}

Address: {Your Complete Address}

Mobile Number: {YourPersonal Mobile}

{Write the current date}

6. Get confirmation in writing

After completing the processes of closing the bank account you have to get a confirmation in writing that your account is closed. Without getting any confirmation don’t leave the bank. Because if the bank will not complete the process or for any other reason your bank account is not closed then you will face problems in the future.

Conclusion

To close your bank account, first, withdraw the money deposited in it. For this, you can transfer to another bank or withdraw cash. Then set up your installments in the new bank account. Now go to the branch and complete the account closure process through the account closure form. Receive written confirmation after the process is complete. In this way, you can close your bank account.

FAQs

Through this article, we have told you in simple words step by step how to close your bank account. Now any account holder can get the bank account closed without any hassle. If you have any other questions related to bank account closure, then you can ask in the comment box below. We will reply to you very soon.

Also Read: How to check Balance in SBI in 2023?

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