The Process of Closing the Bank Account.

In today’s time, most people have more than one bank account because every company opens an account in most other banks when going from one job to another. If you have more than one account and you are not able to use those accounts properly then it is better to close it. All bank savings accounts charge a charge if the minimum average balance is not available, due to which the account not to be used should be closed.

D-Link Account: Before closing the savings account, it is important for you to see that there is no investment or trading account linked to that account. Generally, there is investment, loan, trading, credit card payment and insurance premium payment link from the bank account, so before linking the bank account, all these should be linked to another account. While closing the account, you may have to fill out the de-linking account form. Fill an account closure form which is available in the bank’s branch.

Process to close the joint account: If you have a joint account, then the signature of all account holders on the form is necessary. At the same time, you will also need to fill in a second form, in which you will have to give information about the account in which you want to transfer the remaining money in the closing account. If money is less than 20 thousand then it can get cash, but if it is more then it can be transferred to another account. In order to close the bank account, the account holders themselves will have to go to the branch.

In case of closure of the bank account, the check book and debit card used without the use of the bank closure form may have to be deposited. Charging of account closure takes place between 14 days and 1 year from the date of opening of the account. Banks may or may not take the fees to close the account after completion of 1 year, but do not take any fees for 14 days. Each bank takes different fees to close the account.