Having a limited number of bank accounts is a good thing, but having too many bank accounts can be a problem. Therefore, it is recommended to close bank accounts that are not used actively. If you have a bank account that you no longer need, you should close it.

Before closing your bank account, don’t forget to delink your account from any payment or app services like Uber, Paytm, Zomato, etc.

Points to be noted before closing your account.

Once the account is closed, you will not be able to reopen it again
Your account balance must be reset to zero before closing your account.
Any outstanding fees must be settled before closing the account.
Before closing your account, you should carry the complete statement of your account with you for future reference.

The Procedure to close a bank account.

Here are some steps to help you close your bank account.

Visiting your bank
Bank accounts cannot be closed online. Therefore, you need to go to the bank office where you have the account and request that they close it.

Account cancellation form
All banks offer account cancellation forms available at the bank branch or on their website. If you have a joint account, all account holders must sign and consent to the cancellation form.

Fill in the details.

Name of Account Holder
Contact Number
Account Number
Signature
Reason(s) for Account Closure.

Submit the following documents.
After filling out the form, submit the following documents to the bank:

Cheque Book
Passbook
Debit Card
ID Proof

Account closure fee
Some banks charge an account closing fee. For example, SBI Bank does not charge a fee if you close your account within 14 days of opening it. If you close your SBI bank account within 14 days to 1 year, you will be charged a closing fee.

With these things in mind, don’t leave bank accounts that are not required. There is no benefit to overburdening yourself by collecting information and statements from too many banks. Close unnecessary accounts that are not good for your financial life.

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