Many times people start having more number of bank accounts. In such a situation, you should close some accounts because there are many charges on them like annual charges, card fees etc.
Although it is very easy to close a bank account, but if you do not pay attention to some things then it takes weeks to close. Know which 6 things should be kept in mind.
1- Pending Transaction: If there is any transaction pending on your account, then you should wait till its execution. If there is any transaction due on your account, you will not be able to close the account until it is due.
2- Negative balance in bank account: If it is necessary to maintain minimum balance in an account, then due to its non-maintenance the account often goes negative. Make payment before closing your bank account.
3- You may have to pay closing charges: If you want to close a bank account, then many banks also charge closing charges for that. This charge may vary according to different banks.
4- Monthly Payment Mandate: If any monthly payment mandate is active on your account, then you will have to deactivate it first. Without this the account will not be closed, then your payment may default.
5- Linking with Bank Locker Rental: There are many customers who avail the facility of bank locker and the bank account is linked to it for rental. In such a situation, before closing the bank account, delink it from the locker.
6- Download the statement: You should download all the documents before closing the account, so that there is no problem later. Once an account is closed, it cannot be accessed again.
