Bank Account: Keep these things in mind while closing your bank account, otherwise you will face problems...

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Many times it happens that people start having more number of bank accounts (Savings Accounts). This problem often occurs with employed people, because many times their account is opened in a new bank after changing jobs. In such a situation, you should close some accounts because there are many charges on them like annual charges, card charges, etc. Especially you should get those accounts closed (Savings Account Closure), in which it is necessary to maintain a minimum balance. Although it is very easy to close a bank account, if you do not pay attention to some things then it takes weeks to close.


Keep these things in mind while closing your bank account
Many times other transactions are linked to the bank account and sometimes some payment is outstanding. In such a situation, you should keep these things in mind while closing your bank account.

1- Pending transaction
If there is any transaction pending on your account, you will have to wait till its execution. For example, if there is a check on your account and it is not cleared then you will not be able to close the account. So before closing the account, confirm with the bank that there is no pending transaction, and if there is, complete it.

2- Negative balance in a bank account
Although the Reserve Bank of India has said that the balance in any account should not be negative, many banks still do not accept it or can even say that they are not able to accept it. If it is necessary to maintain a minimum balance in an account, then due to its non-maintenance the account often goes into negative. In such a situation, if you want to close the bank account then you will have to make that payment first. After that, your bank account can be closed.

3- You may have to pay closing charges.
If you want to close a bank account, many banks also charge closing charges for that. This charge may vary. So while closing the account, keep in mind that you may also have to pay some account closing charges. Many times, there is no charge for closing a bank account after a certain limit, so you can avoid this charge by waiting for some time.

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 and even if it happens, it will be your loss because then the monthly mandate may stop. This monthly payment mandate can be your insurance premium, house EMI, loan EMI, etc.

5- Linking to Bank Locker Rental
There are many customers who avail of the facility of a bank locker. These bank lockers are linked with a bank account so that the locker rental comes automatically from there. If you have also availed of this facility, then first separate your bank locker from the account to be closed, only then apply for closing the account.


6- Download statement
Many times, the passbook or statement of the bank account you are going to close may be required in the future. In such a situation, you should download all the documents or get the passbook updated before closing the account, so that there is no problem later, because once the account is closed, it cannot be accessed again, and also the information related to it cannot be accessed again. Not all documents can be accessed.

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