Close your Savings Account if you don’t use it to avoid huge loss! Know More

Banks nowadays charge many types of operational charges on the account. If you have more than one Bank Savings Account (Savings Account), then obviously there will be a higher charge on them. Financial advisors believe that it is prudent to close those accounts lying idle or which you do not use much. There are many disadvantages of having an excessive savings account. If you also feel that you have unnecessary saving accounts, then you can close it. But it is considered very difficult to close the bank account. But if the process is followed properly then it is easy.

The first step would be to review your Account. It is necessary to review the savings account before it is closed. In this, see if the EMI of your loan does not go away from that account, or do not deduct the investment money or there is no trading account linked. If it is not so, you can close that account. While closing the account, you may have to fill the de-linking account form.

Zero balance the account before the decisionWhen you decide which bank saving account you want to close, withdraw all the money from that account. You can do this work from ATM or with the help of online transfer.

Fill this form to close a savings accountTo close your bank account, you have to go to the branch yourself and fill the closure form. You also have to tell why you are closing your service account. If you have money in your account and you want to transfer it to another account, then you have to fill another form.

If you are going to close your savings account, then take the unused checkbook and debit card with you. The bank can ask you to submit both these things along with the closure form. Normally banks do not charge for closing the savings account within 14 days of opening it. You may have to pay a closure charge if the account is closed during a period of 14 days to 1 year. Banks usually do not charge any money for closing an account older than one year.