Bank Account Closed: Generally, it is very easy to close a bank’s savings account. You can close your idle savings account by going to the bank and completing all the necessary procedures.
Closing Bank Account: But sometimes people make some mistakes while closing the bank account due to which it may take them weeks to close the account.
According to the report published in Economic Times, if there is a pending transaction in any account then such account cannot be closed. This transaction can be in the form of deposit, check or withdrawal.
If your balance in your savings account is negative, then you cannot close the account like this. Many times customers do not maintain the minimum balance in the account. In such a situation, the bank imposes a penalty on such accounts. Due to this, many times the account balance goes negative. Before closing such an account, you will have to pay the bank’s penalty. Only after this you will get permission to close the savings account.
If EMI, monthly bill payment is done from your account in auto debit mode, then you will have to stop it first. Only after this you will be able to close your savings account.
While taking a locker in the bank, many times customers link the locker rent agreement to their savings account for rent payment. Through this, the bank automatically deducts the locker rent every year through auto debit mode. If you have also linked your savings account with the locker, then delink this account before closing the account.
According to experts, before closing the savings account, check all the details related to it whether the account is linked to any policy, government scheme etc. If you do not do this, you may suffer huge losses later.
